- Florida Governor Ron DeSantis has expressed his support for Bitcoin during his presidential campaign.
- DeSantis claims that the current Biden Administration is opposed to Bitcoin and trying to kill it with regulations.
- In 2023, U.S. regulators ramped up crypto enforcement efforts against businesses such as Gemini, Kraken, and Bittrex.
Ron DeSantis‘ Support for Bitcoin
Florida Governor Ron DeSantis recently kicked off his presidential campaign in a Twitter Space with Elon Musk moderated by Venture Capitalist David Sacks on Wednesday, May 24. During the Space, he claimed that the President Joe Biden-led administration was against Bitcoin and would likely end up killing it if it continued for another four years. He believes this is because they have no control over it and are attempting to suppress the nascent market with regulations. On the other hand, DeSantis advocated for people being able to do Bitcoin stating that „As president, we’ll protect the ability to do things like bitcoin.“
U.S Regulatory Crackdown
The U.S regulatory agencies have tightened their grip on cryptocurrency in recent times following the collapse of FTX. Agencies like the U.S Securities and Exchange Commission have undertaken enforcement actions against businesses like Gemini, Kraken, and Bittrex while bank regulators such as Federal Deposit Insurance Corporation have issued informal guidance discouraging banks from serving crypto businesses.
Impact on Crypto Industry
The tightening of regulations has had an impact on the cryptocurrency industry in America since companies now face increased scrutiny when engaging in business activities related to digital assets or cryptocurrencies which may lead them to be fined or shut down altogether by authorities if found non-compliant with set rules and regulations. This has caused some investors to become wary of investing in crypto due to fears of their funds being frozen or confiscated should they invest in projects deemed illegal by authorities while others are more optimistic believing this could pave way for better regulation of crypto markets and ushering in further acceptance of digital assets among mainstream financial institutions.
Reactions from Crypto Community
The reactions from within the cryptocurrency community towards DeSantis’ statements have been mixed with some praising him for standing up for Bitcoin while others remain skeptical about how much influence any one politician can really have over federal policy making decisions particularly when it comes to something as decentralized as blockchain technology or cryptocurrencies themselves which are immune from government interference due to its distributed nature across many computers around the world rendering it virtually impossible for authorities to shut down completely unless they take drastic measures like shutting down access points such as internet access providers which would cause massive disruption not only within US but also globally given its importance today’s society .
It remains yet unclear what impact Ron De Santis’s stance will have on US government policies towards cryptocurrencies however his vocal support does bring more attention towards digital assets from political circles which could potentially bode well for long term adoption by mainstream institutions depending on whether he succeeds in getting elected into office come 2024 presidential elections or not .