On July 31, Ron DeSantis, Florida Governor and Republican Candidate, vowed that he would put an end to war on Bitcoin.
“Biden's war on Bitcoin and cryptocurrency will come to an end when I become president,” said DeSantis during his campaign event in New Hampshire.
However, it still remains unclear what he meant by this “war on Bitcoin”. The details of this alleged war have not been explicitly outlined, but it appears to involve a series of regulatory actions that have affected the crypto industry during Biden's presidency.
Context
Governor DeSantis, Republican Party representative in the upcoming election, has positioned himself as a proponent of the cryptocurrency community, vowing to foster an environment that encourages innovation, investment, and growth in the sector.
According to his statements during a Twitter Space with Elon Musk, DeSantis believes that excessive government intervention and overregulation stifle the potential of blockchain technology and cryptocurrencies. If elected as the 47th President of the United States, he also promises to review and repeal any policies that hinder the development and adoption of cryptocurrencies.
“I think people should be able to do Bitcoin. As president, we’ll protect the ability to do things like Bitcoin,” Desantis stated.
Read more about the upcoming elections and crypto enthusiasts’ battle for the US presidency.
What’s wrong with Biden’s crypto policies
By accusing Biden of carrying out a war on Bitcoin, DeSantis most likely meant the actions of the Securities and Exchange Commission (SEC). During his presidency, the SEC has already filed numerous lawsuits against such big crypto market participants as FTX, Binance, and Ripple.
Moreover, Biden’s administration explores crypto tax changes to close loopholes and ensure accurate reporting by investors, while eyeing tighter oversight for stablecoins. The administration has been working on the development of a central bank digital currency (CBDC) for the US.
During his speech, DeStantis also mentioned that he would ban CBDC once he gets the office.
“As president, on day one, CBDC goes into the trash can — we’re not going to allow it," claimed the Republican candidate.
Earlier this year, he signed a bill prohibiting the use of the central bank’s digital currency within Florida's jurisdiction, criticizing it as a means of conducting financial monitoring.
