News - Ron DeSantis wants to be president: Good for crypto, bad for the U.S.?

By Luc Vesters

Ron DeSantis wants to be president: Good for crypto, bad for the U.S.?

Bitcoin (BTC)
Elon Musk

He does not think highly of abortion, rights for members of the LGBTQ+ scene, woke language, restrictions on gun rights or illegal immigration. Feared by Democrats as a bringer of evil, Ron DeSantis is celebrated by right-wing conservatives as the nation's savior. The Florida governor is dividing the American electorate in a way that only former President Donald Trump did before him. And he should also beware of DeSantis. For he is considered by many to be a sharper version of the 45th U.S. president: a Trump 2.0. Soon the Republican Party will decide between the two.

Because today, May 24, it becomes official: DeSantis plans to announce his candidacy at 6 p.m. (midnight our time) in a Twitter Space hosted by Elon Musk. The Tesla boss confirmed. 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 an end to the U.S. government's currently harsh anti-cryptocurrency campaign?

Ron DeSantis: Bitcoin ja, CBDC nee

When minority rights are not at stake, one word is paramount in DeSantis' political ideology: "freedom." This includes the financial freedom of American citizens. The presidential candidate sees this threatened by a digital central bank currency. To prevent this "Big Brother digital dollar," DeSantis on May 12 signed anti-CBDC legislation into law for his state, Florida. The digital dollar would endanger privacy and economic freedom, limit personal rights and slow down innovation. The law should prohibit its use. In addition to the digital dollar, it also involves the particularly controversial digital yuan from China.

Bitcoin, on the other hand, as a CBDC counterpart, always gets tailwinds from Florida's governor. Back in May 2021, DeSantis signed a law providing cryptocurrencies with a legal framework and clarifying that individuals should be able to trade cryptocurrencies without a license. In presenting the 2022 budget, DeSantis said, "Our position as a state government is that this [cryptocurrencies] is something we welcome. We want to make sure the state government is crypto-friendly." Last March, he signed a law allowing tax payments through Bitcoin and other cryptocurrencies.

US vs. Crypto: Does DeSantis put an end to the SEC's tough course?

At least since the FTX case, the crypto industry in the US has been struggling. The stock market regulator SEC has repeatedly taken companies to court, US President Joe Biden has demanded tax increases for miners and Elizabeth Warren has warned of the dangers of Bitcoin and Co.

Ron DeSantis will not silence cryptocritics, even as president of the US. But with that comes great influence. The SEC chair is nominated by the president and then only needs to be confirmed by the Senate. Gary Gensler's days as SEC chief are likely to be soon numbered under DeSantis.

A DeSantis victory should keep some companies in the sector in the country thanks to tax cuts, its already proven affinity for cryptos and liberal economic policies. Some of them are already putting out feelers for new locations, such as Coinbase, Gemini and Circle. And so the crypto space is also celebrating DeSantis' candidacy as a victory, while large swaths of the global public are anxiously awaiting Jacksonville - and perhaps soon Washington.

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