At a recent economic policy event in New Hampshire, Florida Governor Ron DeSantis made a strong commitment to support Bitcoin and strengthen America’s crypto sector. He firmly pledged to end what he sees as the Biden administration’s unfavorable approach to Bitcoin, expressing concerns about the possible infringement on civil liberties.
The US Securities and Exchange Commission’s designation of Bitcoin as a commodity, rather than a security, has provided some relief for the crypto community. This classification places Bitcoin under the jurisdiction of the US Commodity Futures Trading Commission (CFTC), making it less susceptible to imminent crackdowns.
DeSantis’ support for Bitcoin stems from his belief in preserving individual freedoms and protecting privacy rights in the digital age. While the Biden administration has introduced laws to tax crypto brokers and proposed a legal framework for the industry, the President has not opposed the asset itself. Bitcoin has flourished during his term, experiencing a 120% increase in value, trading at just under $29,000.
The governor’s advocacy for Bitcoin extends beyond mere rhetoric. He has already taken action in Florida, signing legislation that bars the use of central bank digital currencies (CBDCs) within the state. DeSantis views CBDCs as a potential threat, as they could centralize power and hinder the democratizing nature of decentralized cryptocurrencies like Bitcoin.
Furthermore, DeSantis’ vocal criticism of CBDCs solidifies his position on protecting the freedom of choice and ensuring that consumers retain control over their financial transactions. His opposition to CBDC implementation at the national level, if he were elected as President, underscores his commitment to fostering an environment conducive to crypto growth and innovation.
During a Twitter space session alongside Elon Musk and venture capitalist David Sacks, DeSantis passionately emphasized his concerns about the Biden administration’s stance on Bitcoin. He fears that continued regulatory uncertainty or a heavy-handed approach could stifle innovation and potentially harm the crypto industry’s prospects.
Ron DeSantis’ unwavering support for Bitcoin and his opposition to central bank digital currencies have positioned him as a crucial advocate for America’s crypto sector. His commitment to safeguarding civil liberties, protecting privacy rights, and promoting innovation in the digital currency realm could have a significant impact on shaping the country’s regulatory landscape and fostering growth in the crypto industry. As Bitcoin continues to play a pivotal role in the global financial landscape, DeSantis’ stance may well contribute to establishing the United States as a leader in the crypto space.