Ron DeSantis as US President? What that would mean for crypto3 min read
Feared by Democrats as a bringer of evil, Ron DeSantis is celebrated by right-wing conservatives as the savior of the nation. The governor of Florida is dividing the American electorate in a way that only ex-President Donald Trump has done before him. And he also has to beware of DeSantis. Because he is considered by many to be a more astute version of the 45th US President: a Trump 2.0. Soon the Republican Party decides between the two.
Because today, May 24th, it will be official: DeSantis wants to announce his candidacy at 6 p.m. (midnight our time) in a Twitter Space hosted by Elon Musk. That confirmed the Tesla boss. Rumors about his presidential candidacy have been circulating for months.
The news also caused a stir in the crypto space. Because Ron DeSantis is also Bitcoin fan. Would his entry into the White House put a stop to the currently tough anti-crypto course of the US government?
Ron DeSantis: Bitcoin yes, CBDC no
When it’s not about minority rights, one word is paramount in DeSantis’ political ideology: “freedom.” This also includes the financial freedom of US citizens. The presidential candidate sees this endangered by a digital central bank currency. To prevent this “Big Brother digital dollar,” DeSantis signed on May 12 Anti-CBDC Law for his state, Florida. The digital dollar would endanger privacy and economic freedom, restrict personal rights and slow down innovation. Its law is intended to prohibit its use. In addition to a digital dollar, this also includes the particularly controversial digital yuan from China.
Bitcoin, on the other hand, as a CBDC antithesis, is always given tailwind by the governor of Florida. As early as May 2021, DeSantis signed a law that provides cryptocurrencies with a legal framework and makes it clear that individuals should be able to trade Bitcoin and Co. without a license. Presenting the 2022 budget, DeSantis said, “Our view as the state government is that this [cryptocurencies] is something we welcome. We want to make sure the state government is crypto-friendly.” In March last year, he signed a law that would allow tax payments via Bitcoin and other cryptocurrencies.
USA vs. Crypto: Will DeSantis end the tough course of SEC and Co.?
At least since the FTX case, the crypto industry in the USA has had a difficult time. The stock exchange supervisory authority SEC has repeatedly taken companies to court, US President Joe Biden has demanded tax increases for miners and warned Elizabeth Warren of the dangers of Bitcoin and Co.
Ron DeSantis will not silence crypto critics, even as US President. But with that comes great influence. The SEC chair is nominated by the President and then only has to be confirmed by the Senate. Gary Gensler’s days as SEC chief are likely to be numbered quickly under DeSantis.
A DeSantis victory should keep some companies in the sector in the country thanks to tax cuts, its already proven crypto affinity and liberal economic policies. Some of these are already putting out feelers to new locations, such as Coinbase, Gemini, and Circle. And so the crypto space is also celebrating DeSantis’ candidacy as a victory, while large parts of the world public are looking anxiously towards Jacksonville – and maybe soon towards Washington.