As per the recent development, Ron DeSantis has stated that he would ban CBDCs and end Biden’s war on crypto if he wins and takes office in 2025. It is a fact that Joe Biden previously signed an executive order which revolved around the establishment of a regulatory framework for digital currencies back in March 2022.
The SEC has been increasingly active and has filed numerous lawsuits against crypto firms while Biden has been in office. Similarly, the DOJ has also overlooked criminal charges against Sam Bankman-Fried and former Celsius CEO, Alex Mashinsky.
Ron DeSantis went on to compare the US government’s plan for a CBDC for the Chinese audience, where the Chinese government is actively conducting trials of the digital Yuan. At the same time, he mentioned that several unaccountable elites within the US government could not be trusted to handle the potential rollout of the upcoming digital dollar.
Ron DeSantis claims that the FED wants to shift to a cashless society by getting rid of cryptocurrencies. However, he stated that if he manages to become the President, such plans would be scrapped on the first day. He added,
‘We are going to allow Americans to invest in things like bitcoin and cryptocurrency. No one is forcing you to do it, if you want to do it, you can do it.’
Ron DeSantis Vows to Change the Situation about Crypto
Soon after announcing the campaign bid, Ron DeSantis joined Elon Musk in a Twitter Space to expand his current position and continued to insist that the common consumer had every right to use Bitcoin and other cryptocurrencies. He has displayed a continuous supportive stance towards digital assets but mentioned that the technology is doomed if Biden gets re-elected again.
Among the ongoing regulatory crackdowns and the immense regulatory pressure, major crypto firms have either shifted their businesses overseas or are planning to do so. Some major industry leaders like Coinbase and Grayscale are battling the US govt in court for the freedom of their products while claiming the absence of proper regulatory clarity.
While the members of Congress are trying to push for more legislation for the provision of increased clarity, Rep Patrick McHenry has called out the White House for refusing to negotiate properly on such matters. Other presidential candidates have made their support for cryptocurrencies widely known. These candidates have also proposed partially backing the dollar with Bitcoin and eliminating capital gains taxes from the sales of the asset.
