Why DeSantis May Be The Most Pro Bitcoin U.S. Presidential Candidate

American cryptocurrency supporters are looking for a presidential candidate who will prioritize fintech policies and Florida Gov. Ron DeSantis is most poised to fill that void. DeSantis said the Florida should allow businesses to pay taxes directly in cryptocurrency, back in March 2022, and more recently clarified his stark opposition to Central Bank Digital Currencies, the antithesis of decentralized bitcoin and likeminded networks.

As cryptocurrency rises in popularity, now a $3 trillion market, so has interest in the regulatory landscape surrounding digital assets. And DeSantis isn’t the only politician looking to use an opinionated stance on cryptocurrency issues to attract voter support. In January 2023, Congress created the Subcommittee on Digital Assets, Financial Technology and Inclusion, under the House Financial Services Committee. Chaired by Rep. French Hill (R-AR), the committee is tasked with “providing clear rules of the road among federal regulators for the digital asset ecosystem, developing policies that promote financial technology to reach under served communities, and identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.” Then President Biden directed the Federal Reserve to begin developing a CBDC, which DeSantis criticized.

In March, the Treasury formed a working group to begin the process to create a U.S.-issued CBDC. This comes as the European Union adopts its own regulations framework. The global race to dominate the crypto economy is on. While some Republicans in Congress look at ways to encourage cryptocurrency investment in the private sector, the Republican presidential field is split on the issue.

In contrast to DeSantis, Nikki Haley and Mike Pence have been notably silent on cryptocurrency issues. In recent weeks, Vivek Ramaswamy, who made a name for himself in conservative media by commenting on cutting edge financial issues like Environmental, Social, and Governance business issues, has begun to engage in the cryptocurrency debate via his podcast. Like DeSantis, Ramaswamy has taken a strong stance against CBDC experiments.

Much like President Biden, who repeatedly criticized “wealthy” crypto investors, former President Donald Trump has taken a hard stance against the cryptocurrency industry. Trump stated in a 2019 tweet that he is “not a fan of bitcoin and other cryptocurrencies.” However, in contrast to both Biden and DeSantis, Trump has been silent on the issue of CBDCs. So far, DeSantis may be the most bitcoin-friendly candidate out of all the mainstream presidential contenders.

DeSantis has been a vocal supporter of cryptocurrency. In May 2021, he signed legislation defining virtual currency in state statute and clarifying that individuals can trade cryptocurrency without a license. In announcing his budget proposal in for 2022, which included blockchain funding for state agencies, he said “our view as the state government is this is something that we welcome and we want to make sure that the state government is crypto-friendly.” A few months later, he announced that Florida was working on a process to accept business tax payments in a variety of cryptocurrencies.

Further, DeSantis signed legislation in March to prohibit CBDC experiments in Florida. DeSantis has said in multiple public statements that he believes CBDCs are not only a direct attack on the cryptocurrency industry, but also an attempt to centralize all financial transactions with unnecessary surveillance, giving the federal government the authority to track and prohibit lawful purchases. This stance follows the same principles as recent legislation passed in Florida relating to ESG, in which the state prohibited banks from using unique codes to track firearms purchases made with a credit or debit card.

Although DeSantis has not mentioned bitcoin specifically in relation to his upcoming presidential campaign, it appears cryptocurrency supporters may be considered a core part of his platform. During the anti-CBDC bill signing ceremony in March, DeSantis affirmed the importance of decentralized cryptocurrency networks, like the Bitcoin blockchain. In referring to the Biden administration, DeSantis said “they don’t like crypto because they can’t control crypto, so they want to put everything in a Central Bank Digital Currency.”

How much cryptocurrency will play in the 2024 election cycle is yet to be seen. For now, DeSantis is the leading candidate who appears to value decentralization and the right to self-custody, both hardline issues among cryptocurrency supporters.