US presidential candidate and Florida Governor Ron DeSantis is making name for himself as one of the strongest supporters in United States political leadership, ahead of the presidential election year 2024. In a new development, the candidate published a Declaration that promises to fully support Bitcoin and blocks the US Federal Reserve‘s attempts to establish a Central Bank Digital Currency (CBDC).

Also Read: Bitcoin Reaches 3 Year High In Key Metric; BTC Price To $40K Next?

Ron DeSantis Bitcoin Declaration

Recent reports suggested that DeSantis is set to accept crypto donations for his campaign, following another presidential candidate Robert F. Kennedy Jr’s announcement on accepting campaign donations in Bitcoin. In this context, the presidential candidate published a report with a set of promises the Declaration of Economic Independence, in which he stated the following:

• If elected, DeSantis will ensure that the Federal Reserve does not implement a central bank digital currency. DeSantis will block any attempts to establish a CBDC or any other policies that will move us closer to a social credit system.
• The candidate promised he will protect entrepreneurship from central planners in the context of Washington’s attempts to regulate and inhibit innovation such as Bitcoin and other new technologies.
• DeSantis will protect cryptocurrencies and work to end politically driven debanking and financial doxing.

Impact On Top Of The Pyramid

Meanwhile, the crypto ecosystem had in recent times grew expectations on the approval of the first spot Bitcoin ETF product in the United States. However, the onus is on the US SEC to take a decision, following the recent setback it faced with Grayscale obtaining the grant for its motion to convert its Bitcoin Trust into a spot ETF.

Although lawmakers like Patrick McHenry, the chairman of the House Financial Services Committee, have been vocal against the SEC’s handling of the crypto ecosystem, leaders like DeSantis and Kennedy Jr. could likely make the biggest impact in terms of regulatory changes.

Also Read: XRP Attorney John Deaton: What To Expect From Ripple Proper Party

Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Crypto Market News: In the lead up to the 2024 United States presidential election, the crypto market narrative is increasingly becoming important as lawmakers and influential people push for having a debate on crypto regulatory stance in the United States. This comes despite the continuous attack by the likes of the US Securities and Exchange Commission (SEC) on crypto businesses operating in the country. Recently, Florida Governor Ron DeSantis criticized the Biden administration’s way of handling the crypto enforcement actions. His comments sparked a debate around crypto regulation and the implementation of Central Bank Digital Currencies (CBDCs) in the country.

Also Read: United States Set To Vote On Debt Limit Bill, Rep. McHenry Confident On Majority

In the context of banning CBDC use in Florida, the Governor said the current US administration is looking to regulate the crypto market so hard that it will not be able to operate in the US. He added that “Bitcoin represents a threat to the current regime.”

Binance CEO CZ Welcomes Ron DeSantis Running For President

Speaking in an Ask Me Anything event on Wednesday, Changpeng Zhao, the chief executive officer of top crypto exchange Binance welcomed the open support to crypto industry by the likes of DeSantis. CZ applauded DeSantis and Francis X. Suarez, the Mayor of Miami, for their pro-crypto stance. On the prospect of DeSantis running for president, he responded,

“That would be great.”

Referring to the shutting down of crypto friendly banks like Silicon Valley Bank and the various ongoing lawsuits, he said the United States is currently not looking positive to the crypto ecosystem.

Also Read: Binance Reportedly Plans To Start Layoffs In June, Another FUD?

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at anvesh@coingape.com.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

On Wednesday, May 24, Florida Governor Ron DeSantis launched his US Presidential Campaign on Twitter Spaces along with Elon Musk. With nearly 300,000 listeners tuned in DeSantis said that he would surely protect Bitcoin if elected.

“I think people should be able to do Bitcoin. As president, we’ll protect the ability to do things like Bitcoin,” he said.

The comments come at a time when the US regulators have turned hostile to cryptocurrencies. US SEC chair Gary Gensler stated that almost every cryptocurrency falls under the category of ‘securities’ and comes under their jurisdiction. However, Bitcoin, in particular, has stayed away from the securities debate while most of the top regulators recognize it as a commodity.

In the primary election, Republican Candidate Ron DeSantis will take on former President Donald Trump. In the past, DeSantis has also shared his support for decentralized cryptocurrencies. While acknowledging the underlying risks, the Florida Governor stated that people should be able to make their own decisions. DeSantis said:

“I just do not have an itch to have to control everything that people may be doing in this space, and I think the current regime, clearly, they have it out for bitcoin, and if it continues for another four years, they’ll probably end up killing it”.

Ron DeSantis Lashes Out At CBDCs

While the US and other central banks worldwide have fast-tracked their development of a central bank digital currency (CDBC), Florida Governor Ron DeSantis came lashing out at them.

He believes that CBDCs are not good for Americans and shall be used for surveillance purposes by the Federal government in order to control the financial habits of US citizens. Earlier this month, DeSantis passed a proposed bill to make CBDCs illegal under the Florida Uniform Commercial Code.

He said: “I don’t think Congress would authorize it (CBDC bill). We are trying to protect people from CBDCs in Florida. That would mean a huge imposition in people’s financial freedoms and financial privacy. If the central authority has control over it, they would start imposing environmental, social and governance (ESG) criteria.”

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Ron Wyden, U.S. Senator from Oregon and Chair of the U.S. Senate Committee on Finance, has warned against the regulatory crackdown on bitcoin and crypto. Meanwhile, the Biden Administration is at the forefront of preventing unregulated crypto activity, especially on popular trading platforms such as Coinbase.

Democrat Ron Wyden Supports Innovation in Bitcoin and Crypto

Senior Democrat Wyden believes innovation must not be curbed under stricter regulations. Considering the present consequences, he thinks cryptocurrencies can be beneficial to someone who needs financial help in an emergency.

Recently, Ukrainians have raised tens of millions of dollars in cryptocurrency to help in the fighting. They’re also being used to fund humanitarian efforts in Ukraine.

“There is obviously a debate [about stricter regulation] but I want to be on the side of the innovator. When I think about crypto I think about remittances or somebody who has a kid 1,000 miles away and wants to get them help in an emergency, rather than going through scores of banks, credit card companies.”

“I keep looking for innovations,” he added. “That’s where my heart lies.”

Ron Wyden, known as one of the architects of US internet regulation, urged members of his party to protect crypto innovators despite concerns about fraud and money laundering within the industry.

Strict Stance of the Biden Administration Against Crypto

On March 4, Digital payment company Block, run by CEO Jack Dorsey, was put under investigation by the Consumer Financial Protection Bureau and several state attorneys general regarding its Cash App service.

The CFPB has requested information from Block, including details on Cash App’s handling of “customer complaints and disputes,” according to the report.

Furthermore, Last week four senior Democratic senators wrote to Janet Yellen, the Treasury secretary, expressing their concern that cryptocurrency was being used to evade international sanctions. Ron Wyden compares crypto and bitcoin to the Internet in its infancy.

About Author

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.