Bitcoin war was a key topic at a recent campaign event in New Hampshire, where Florida Governor Ron DeSantis declared his opposition to central bank digital currencies (CBDCs) from the Federal Reserve. He vowed, “As president, on day one, CBDC goes into the trash can — we’re not going to allow it,” signaling a strong stance against CBDCs if elected in 2024
DeSantis, who is focusing his 2024 presidential campaign on “economic independence” with a particular emphasis on digital currencies, also expressed his intent to counter President Joe Biden’s perceived “war on Bitcoin and cryptocurrency” if he assumes the presidency. The specific policies DeSantis referred to remain unclear, but they might be related to the Federal Reserve.
In March 2022, President Biden signed an executive order outlining a regulatory framework for digital currencies. Under Biden’s administration, the Securities and Exchange Commission has filed lawsuits against crypto firms, and the Department of Justice has pursued criminal charges against figures like former FTX CEO Sam Bankman-Fried and former Celsius CEO Alex Mashinsky.
DeSantis compared the U.S. government’s approach to CBDCs with China, where trials of a digital yuan are underway. He expressed skepticism, stating that “unaccountable elites” in the government couldn’t be trusted to manage the potential rollout of a digital dollar.
“[The Fed wants] to go to a cashless society. They want to eliminate cryptocurrency,” claimed DeSantis. “As president, on day one, CBDC goes into the trash can — we’re not going to allow it.”
Several candidates from both Democratic and Republican parties in the 2024 presidential election have shared their views on cryptocurrencies, including Bitcoin and CBDCs. Democratic candidate Robert F. Kennedy Jr., despite trailing in polls, has been vocal about his support for cryptocurrencies. He disclosed purchasing Bitcoin earlier in 2023, buying two Bitcoin for each of his seven children.
Kennedy, during a Twitter Space conversation, mentioned facing criticism for advocating a “volatile commodity” without having a personal investment. He proposed supporting the U.S. dollar with Bitcoin and granting the asset immunity from capital gains taxes if elected as President. Kennedy suggested limiting such exemptions to smaller investors and businesses to prevent windfalls for larger corporations.
Kennedy views Bitcoin as a means of revitalizing innovation in America, and his proposal adds an interesting dynamic to the upcoming elections.
