The U.S. presidential race has recently undergone significant shifts, particularly concerning the crypto community. Pro-crypto candidates Vivek Ramaswamy and Florida Governor Ron DeSantis have officially withdrawn from the race, with Ramaswamy endorsing former President Donald Trump. Ramaswamy, known for his detailed crypto framework, had garnered attention in the crypto community for his policy proposals regarding Bitcoin and other digital assets.
Meanwhile, Ron DeSantis, who had previously vowed to ban a potential version of the digital dollar if elected, also stepped down from the presidential race after falling behind Trump by a 21% margin in the Iowa caucuses. DeSantis has been a vocal supporter of crypto since 2021, proposing the acceptance of cryptocurrencies for state fees in Florida's 2022-2023 budget.
Donald Trump, now a frontrunner in the Republican primaries, has taken a firm stance against Central Bank Digital Currencies (CBDCs). In a campaign speech in Portsmouth, New Hampshire, Trump declared his intention to "never allow" the U.S. Federal Reserve to create a CBDC. He emphasized that such a currency would give the federal government absolute control over money, echoing his previous skepticism of cryptocurrencies and Bitcoin.
Additionally, four U.S. states - Utah, South Carolina, South Dakota, and Tennessee - have filed bills against recognizing a CBDC as money. These legislative efforts could create significant roadblocks to a CBDC in the U.S., mirroring a similar law signed in Florida in May 2023, which also banned the use of foreign government-issued CBDCs.
These developments in the presidential race and state legislations reflect the growing debate around cryptocurrencies and digital currencies in U.S. political and regulatory spheres. The outcome of these discussions and the eventual stance of the U.S. government could have a profound impact on the future of cryptocurrencies and digital financial systems.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
