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- 1 Ron DeSantis announced his presidential campaign during a Twitter Space session.
- 2 His campaign has raised over $8 million in the first 24 hours.
Presidential elections are nearing and the entire nation has entered a debate to predict who’s going to win. Joe Biden and Donald Trump still remain the top contenders for the position. However, Ron DeSantis, the current Governor of Florida, has arrived in the race. He recently announced his campaign during a Twitter Space including Elon Musk, Tesla CEO and David Sacks, an author and investor.
Crypto May Bloom under Ron DeSantis Presidency
The Florida governor highlighted that regulators do not like the idea of crypto assets as it threatens their power. Bitcoin, being a decentralized project, can give power back to people. He is not in favor of any attempt made by Congress against the market. Several regulators are trying to tighten the leash over the sector to mitigate potential risks to the investors.
Additionally, he is not in favor of central bank digital currencies (CBDCs) either. DeSantis believes it will threaten the financial freedom of citizens. Globally, CBDCs have received mixed reviews from regulators. Countries including China, Australia and more have ongoing pilot programs to experiment potential use cases. Nigeria, an African nation, officially released eNaira in October, 2021.
The Bank of International Settlements (BIS) issued an update regarding retail central bank digital currency (rCBDC) alongside several central banks.The document mentions legal problems concerning issuance for rCBDCs where the hiccup remains for legal classification.
DeSantis’ crypto-friendly approach may provide digital assets a chance to boom in the United States. The New York Times reported that his presidential campaign has raised over $8 million in the initial 24 hours. This number is more than Biden’s campaign that piled $6.3 million, and is double the amount of Trump’s campaign.
Cryptocurrencies Are under Heavy Scrutiny in the U.S.
A few regulators believe CBDCs can act as an alternative to cryptocurrencies. Others believe it would give power entirely in the government’s hands. A majority of lawmakers, specially in the United States, have shifted their focus towards regulating crypto assets. The Biden Administration delivered an executive order in March 2023, to assess the risks and benefits associated with virtual currencies.
In 2014, the Internal Revenue Service (IRS) announced that cryptocurrencies including Bitcoin (BTC) will fall under the tax group. Securities and Exchange Commission (SEC) maintains their harsh stance over crypto assets. An asset is deemed as security only if it meets Howey Test.
Crypto mining has caught the eyes of environmental policy makers. In 2021, the New York Senate passed Bill S6486D to put a temporary halt on crypto mining operations of proof-of-work (PoW) based cryptocurrencies. Crypto miners require heavy equipment to solve complex mathematical problems to mine assets like Bitcoin. The operations are primarily associated with carbon emissions.
However, Texas Senator, Ted Cruz, has highlighted during the Texas Blockchain Summit 2022 on how crypto mining may benefit the nation. Additionally, he wants to make the state a cryptocurrency mining hub.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
