On Wednesday, May 24, Florida Governor Ron DeSantis launched his US presidential campaign on Twitter Spaces along with Elon Musk. The session attracted nearly 300,000 listeners. During the conversation, DeSantis vowed to protect Bitcoin’s status if elected president.
“It is my belief that people should have the freedom to engage with Bitcoin. As president, I will ensure that the right to conduct business with Bitcoin is preserved,” he stated.
A crucial moment
DeSantis’ statements come at a critical time as US regulators take an increasingly hostile stance on cryptocurrencies. Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), recently argued that almost all cryptocurrencies should be categorized as “securities” and thus fall under their jurisdiction. However, Bitcoin is a notable exception to this as it is recognized as a commodity by most of the top regulatory bodies.
DeSantis versus Trump
In the primaries, DeSantis, the Republican nominee, will run against former President Donald Trump. DeSantis has expressed support for cryptocurrencies in the past. While acknowledging the inherent risks of cryptocurrencies, the Florida governor stressed that people should be able to make their own decisions. DeSantis stated:
“I simply don’t feel the need to regulate everything people do in this industry. The current regime clearly wants to get rid of Bitcoin and if this situation continues for another four years, they will probably end up killing it.”
DeSantis lashes out at CBDCs
While DeSantis is a proponent of cryptocurrencies, he is less positive about Central Bank Digital Currencies (CBDCs). According to him, CBDCs do not benefit US citizens. DeSantis suspects the federal government will use them to monitor and surveil citizens’ financial activities. In this line of thinking, DeSantis signed into law earlier this month designating CBDCs as in violation of the Florida Uniform Commercial Code.
He expressed his concern as follows: “I have my doubts that Congress would pass a bill promoting CBDCs. In Florida, we are committed to protecting our residents from the potential risks of CBDCs. Indeed, such digital currencies could seriously infringe on people’s financial freedoms and privacy.