Casey Wagner

Cryptocurrencies have emerged as one of the more popular topics in the early days of the 2024 US Presidential election, but the trend might not last through the primaries.&nbsp;



So far, several candidates vying for the Republican nomination, including Vivek Ramaswamy and Florida Governor Ron DeSantis, have commented quite favorably on the digital asset space.&nbsp;



Ramaswamy has appealed to crypto-friendly voters with a consistent distaste for non-elected officials, such as US Securities and Exchange Commission Chair Gary Gensler.&nbsp;



“The problem with agencies like the US Federal Reserve, or the SEC, is when you have a bunch of people showing up to work who should have never had that job in the first place,” Ramaswamy<a href="https://blockworks.co/news/ramaswamy-pledges-crypto-policy"> said this week at the Mainnet Conference in New York City</a>. “One of my chief issues with agencies like the FDA, and the SEC, is this regulation via enforcement paradigm, where they refuse to pre-specify what the rules actually are, but demonstrate what the rules are by picking who the bad apples are after the fact.”&nbsp;



DeSantis also entered the crypto conversation by linking digital-asset issues to common Republican grievances, such as when he criticized a central bank digital currency <a href="https://www.c-span.org/video/?529323-7/gov-ron-desantis-speaks-2023-family-leadership-summit">at a July 2024 conference</a> for its lack of privacy. The Florida Governor also promised to end “Biden&#8217;s war on Bitcoin and cryptocurrency.”&nbsp;



“More than 50 million Americans engage with or own digital assets. Presidential candidates — such as Vivek Ramaswamy — are rightfully engaging with the crypto voter,” Kristin Smith, CEO of the Blockchain Association, said.&nbsp;



Even so, Ramaswamy and DeSantis face an uphill battle getting on the ballot. Ramaswamy is currently polling at around 8% while DeSantis holds just over 14% of Republican voters, according to polling agency <a href="https://projects.fivethirtyeight.com/polls/president-primary-r/2024/national/">FiveThirtyEight</a>.



Gensler, who was President Biden’s pick to lead the <a href="https://blockworks.co/tag/sec">SEC</a>, is currently serving a five-year term set to end in June 2026, but some speculate the anti-crypto agency head could be ousted sooner. 



Coinbase CEO Brian Armstrong said in a recent <a href="https://finance.yahoo.com/video/coinbase-ceo-companys-next-steps-172157616.html">interview</a> that Gensler could be out in 2025 if a Republican wins the White House in 2024, and he’s keeping an eye on how current candidates engage with crypto.&nbsp;



“[Presidential candidates] see it as an opportunity to challenge — the policies of the current administration has had in downstream effects with the regulators, that they view as not in line with what the American people want,” Armstrong said at the Goldman Sachs Communacopia and Technology Conference earlier this month. “This could become a hot topic in the presidential race in 2024.”



Democratic candidate Robert F. Kennedy Jr. has also shared some pro-bitcoin views, <a href="https://blockworks.co/news/rfk-jr-campaign-accept-bitcoin">moving to accept the cryptocurrency for campaign contributions</a> and advocating to expect bitcoin from capital gains taxes.&nbsp;



“We welcome [candidates’] engagement and look forward to seeing thoughtful crypto platforms — hallmarked by the right to code and transact privately, and robust consumer protections — emerge from candidates across the political spectrum,” Smith said.&nbsp;



Whether or not crypto emerges as an essential issue as the campaign season progresses remains to be seen.&nbsp;



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Presidential hopefuls are getting louder on crypto issues, at least for now

Jon Rice

Politicians want you to take a side. It’s how they stay in power: Not by promising you anything good, but by promising you that people who disagree with you will do something bad.



And by getting you to send them money as a result.



Crypto is not exempt from their posturing.



In our industry right now there’s a pretty simple narrative: Democrats bad! Republicans good!



It’s more complex than that.



On the whole, Democrats closely aligned with Biden and <a href="https://blockworks.co/news/elizabeth-warren-crypto-web3">Warren</a> are proving ever-more hostile to the crypto industry. This is unacceptable and deserves to be called out.



But that doesn’t necessarily mean running to the Republicans who are brandishing Bitcoin cred as a shiny new engagement tool.



I am willing to bet that Ron DeSantis has no clue what Bitcoin really stands for, what a CBDC might really entail, or what the real differences between them are.



DeSantis, like Trump before him, is a consummate engagement farmer who appears to make a simple numerical calculation when he comes down on one side or the other of a particular issue:&nbsp;



Is this a divisive issue? And if so, does it get me more donations?



Politicians dream about issues that have clear and passionate single-issue voters. Abortion. School prayer. LGBTQ rights.



And if those issues also happen to have wealthy devotees?&nbsp;



“Hello, I’m Ron DeSantis and I’d love to kiss your baby.”



<a href="https://blockworks.co/news/desantis-pro-bitcoin-anti-cbdc/">DeSantis is posturing</a> when he signs bills banning CBDCs in Florida — there is no current serious proposal for a CBDC in the USA.



He is posturing when he says the Biden administration will ban Bitcoin — because Bitcoin cannot be banned, even if your access to it can be made harder.



He is posturing when he proclaims himself a friend to Bitcoiners. Because while the Bitcoin ethos embraces decentralization, self-sovereignty, and freedom from censorship, you can be sure that Ron DeSantis stands for none of these ideals.



(He may say he does: But the effects of his bills include banning books and restricting access to education, which is not advocating for freedom from censorship.)



As you can tell, I’m no fan of Ron DeSantis. His advocacy for Bitcoin is empty.&nbsp;



But by golly, I am even less impressed with <a href="https://blockworks.co/news/biden-crypto-tax-proposal-deserves-f">Joe Biden</a> and his crew of bank-financed cronies like <a href="https://blockworks.co/news/brad-sherman-bitcoin-tax-evaders">Brad Sherman</a> and Liz Warren.



Even the hollow sound bites of DeSantis are manna compared to the overtly hostile proclamations of some senior Democrats right now. (As with any generalization, there are exceptions — some members of Congress from both parties have taken the time to educate themselves. Look no further than Senators Cynthia Lummis (R) and Kirsten Gillibrand (D), or to an array of <a href="https://blockworks.co/news/new-crypto-friendly-politicians-are-headed-to-washington">Congresspeople</a> who have backed crypto-related issues.)



When you look at both major parties in the United States, and particularly their gerentocratic leadership, you see a general fear of technology. Republicans have chafed for years at what they perceive as liberal bias in social media algorithms. Democrats come undone when they consider the idea of truly free speech on tech platforms.



Both want to regulate, regulate, regulate until they bend <a href="https://blockworks.co/news/crypto-republican-democrat">neutral technology</a> to their will. Until they achieve the level of control that suits them… which is simply put: Complete.



But the Democrats are, at least to some extent, in power. They are having to deal with the existential threat that crypto poses to the political duopoly… today.&nbsp;



Maybe it will be the Republicans who have to deal with it in the next cycle. In which case you can bet your bottom satoshi they’ll be just as hostile in power as Biden is today.



So don’t fall for the ‘<a href="https://blockworks.co/news/us-presidential-candidates-crypto">us and them</a>’ narrative from politicians about their opposition. It’s a lie.



There is only us, the people who care about the ideals of crypto. And them, the people who resist its inexorable and inevitable rise.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Thanks to <a href="http://planetcrypto.co">Planet Crypto</a> for this week&#8217;s illustration.



A version of this op-ed was originally published in the Blockworks newsletter. Subscribe below.



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Ron DeSantis Posturing On Bitcoin Is Just Performative Politics

Shalini Nagarajan

Gov. Ron DeSantis of Florida declared his candidacy for the US presidency during a Twitter Spaces conversation alongside CEO Elon Musk and venture capitalist David Sacks on Wednesday.



In a broad conversation marked by technical difficulties, there were extended periods of silence and occasional hurried whispers. But amidst these challenges, DeSantis did manage to address his position on cryptocurrencies and digital assets, providing answers to those curious about his stance.



During the <a href="https://twitter.com/DavidSacks/status/1661516057373470720" target="_blank" rel="noreferrer noopener">conversation</a>, which attracted an audience of some 2.6 million, he expressed his endorsement of bitcoin (<a href="https://blockworks.co/price/btc" target="_blank" rel="noreferrer noopener">BTC</a>) and portrayed the attempts made by his opponents to regulate cryptocurrency as unwarranted government interference.



“The only reason these people in Washington don&#8217;t like it is because they don&#8217;t control it,” DeSantis said in response to a question about his views on the currency posed by Sacks.&nbsp;



“They&#8217;re central planners and they want to have control over society and so bitcoin represents a threat to them,” he added.



The SEC under the Biden administration has pursued a <a href="https://blockworks.co/news/sec-crypto-enforcement-actions-accelerate">series of enforcement actions</a> against cryptocurrency companies in the last year.



Governor DeSantis also made it clear that he would strongly stand against any potential attempt by Congress to ban bitcoin, although the prospect has never seriously been considered.



Technically, it’s no more possible to ban bitcoin than it is to ban a global commodity like gold — all the US government could do would be to ban itself and its citizens from making use of Bitcoin.



DeSantis is considered a top rival to Donald Trump for the Republican nomination, although he currently lags behind the former US president by a significant margin of over 30 percentage points in <a href="https://thehill.com/homenews/campaign/3983072-trump-tops-desantis-by-36-points-in-new-poll/">early polls</a>.



Trump&#8217;s <a href="https://blockworks.co/news/us-presidential-candidates-crypto">general view on crypto has been</a> negative, although policy-wise, little happened during his presidency. Both he and his wife Melania have <a href="https://blockworks.co/news/melania-trump-announces-potus-nft-collection-amid-controversy">launched NFT collections</a> since leaving the White House.



“I as president will protect the ability to do things like bitcoin,” DeSantis said. “I just do not have an itch to have to control everything that people may be doing in this space.”



He added that the Biden administration has clear hostility towards cryptocurrencies and that if it stays in power for another four years, “they&#8217;ll probably end up killing it,” without putting forward any theory on how.



Sacks agreed with him and acknowledged the large crypto community on Twitter, while Musk <a href="https://blockworks.co/news/elon-musk-crypto-dogecoin">chimed in</a> to mention the presence of a similar audience for dogecoin (<a href="https://blockworks.co/price/doge" target="_blank" rel="noreferrer noopener">DOGE</a>).



Relatedly, DeSantis mentioned that he is not in favor of central bank digital currencies (CBDCs). He highlighted that Florida recently <a href="https://blockworks.co/news/florida-approves-cbdc-ban">banned the use of government issued digital dollars</a> as a form of money in the state.



“If I&#8217;m President, we are not doing a central bank digital currency,” he said regarding the potential implementation of a CBDC on a national level. “I think that that would be a huge, huge imposition on people&#8217;s financial freedoms and financial privacy.”



He expressed that CBDCs would result in a significant shift of power from individual consumers to a central authority, and that this would be detrimental to a free society.



DeSantis has previously defended efforts in Florida school districts to ban books from libraries over the <a href="https://apnews.com/article/desantis-book-bans-censorship-florida-5e648efdf241e333c9d5b042e65a7be6" target="_blank" rel="noreferrer noopener">objections</a> of advocates for literary freedoms.



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DeSantis Campaigns on Pro-Bitcoin, Anti-CBDC Message

Sebastian Sinclair

Florida has responded to Governor Ron DeSantis’ call to prohibit the use of CBDCs across the state.



The bill, known as HB 7049, amends the Uniform Commercial Code (UCC) to include a definition for <a href="https://blockworks.co/tag/cbdc">CBDCs</a>.&nbsp;



Despite lawmakers&#8217; divided opinions on the matter, the US <a href="https://blockworks.co/news/us-treasury-weighs-prospect-for-cbdc-adoption">Department of the Treasury</a>, under President Joe Biden, is currently outlining the technology required to develop a digital dollar.



That’s prompted some states, including <a href="https://blockworks.co/news/north-carolina-cbdc-bill">North Carolina</a>, to draw up legislation that seeks to protect against what critics argue is an invasion of privacy from the nascent tech.



Following a 34-5 vote by the Senate last week, which was also supported by seven out of 12&nbsp; state Democrats, the <a href="https://www.flsenate.gov/Session/Bill/2023/7049/BillText/c1/PDF">bill</a> passed a near-unanimous vote in the House, <a href="https://www.flsenate.gov/Session/Bill/2023/7054/Vote/HouseVote_s07054__377.PDF">116-1</a>. The only vote against the bill was cast by Rep. Felicia Robinson, a Democrat from Miami Gardens.



HB 7049 reads:



“A digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is made directly available to a consumer by such entities.”



The bill also clarifies that CBDCs may not be included in the definition of &#8220;money&#8221; under the UCC whose definition was revised under the state’s code.&nbsp;



The definition effectively <a href="https://floridapolitics.com/archives/609337-legislature-passes-gov-desantis-backed-ban-on-central-bank-digital-currency-with-democratic-support/">prohibits</a> CBDCs for use as money across the state, according to Ian Corp, attorney at law firm Agentis.



“If the federal government institutes a CBDC, it could trump the Florida bill under the supremacy clause of the constitution,” he said. That would be similar in nature to the way in which states have decriminalized marijuana while the federal government has not, Corp added.&nbsp;



Even so, proponents are concerned that the bill could have wider ramifications on <a href="https://blockworks.co/news/florida-cbdcs-bitcoin-ban">banning the use of bitcoin and digital assets</a> more broadly.



DeSantis, a vocal proponent against the issuance and acceptance of a CBDC across Florida, has <a href="https://floridapolitics.com/archives/596576-gov-desantis-wants-centralized-digital-currency-ban-raises-fear-government-could-control-purchases/">railed against</a> their potential existence. The governor, <a href="https://blockworks.co/news/fed-cbdc-robert-kennedy-fednow">among others</a>, views CBDCs as a tool for use in state-wide surveillance of Floridians and US citizens.



Its passage in the state’s legislature now means it <a href="https://fastdemocracy.com/bill-search/fl/2023/bills/FLB00029448/">heads to DeSantis’ desk</a>. If the governor signs it into law, it is expected to take effect on July 1.



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Florida Legislature’s Near-unanimous Vote Approves CBDC Ban

In North Carolina, the House of Representatives passed a bill on Wednesday which seeks to prohibit government entities in the state from accepting payments made in central bank digital currencies (CBDCs).



The bill passed its second reading unanimously, 110-0, with two absentee votes. It was first introduced on Apr. 18 and sponsored by a raft of Republican state representatives.



North Carolina joins <a href="https://blockworks.co/news/florida-approves-cbdc-ban">Florida in its opposition to CBDCs</a>, or &#8216;digital dollars&#8217;. The Florida legislature has passed a bill, HB 7049, that amends the Uniform Commercial Code to include a definition for CBDCs.



The US&nbsp;<a href="https://blockworks.co/news/us-treasury-weighs-prospect-for-cbdc-adoption">Department of the Treasury</a>, under President Joe Biden, is currently outlining the technology required to develop a digital dollar.



Vocal opposition to CBDCs has picked up in earnest ahead of the 2024 presidential campaign.&nbsp;Critic and presidential candidate Robert Kennedy Jr has joined Florida’s Governor Ron DeSantis&#8217; calls, decrying the potential use of CBDCs for <a href="https://blockworks.co/news/fed-cbdc-robert-kennedy-fednow" target="_blank" rel="noreferrer noopener">state-wide surveillance</a>.&nbsp;



Kennedy tweeted last month that:



<figure class="wp-block-pullquote"><blockquote>We should be wary since CBDCs are the ultimate mechanisms for social surveillance and control.</blockquote></figure>



DeSantis has expressed his personal fears on a number of occasions this year, implying that if the government takes control over digital currency, individuals might not be able to buy gasoline or firearms.



Ian Corp, an attorney at law firm Agentis, doubts that an anti CBDC-law would stand up to a federal CBDC.



“If the federal government institutes a CBDC, it could trump the Florida bill under the supremacy clause of the constitution,” he said.



<h2 class="wp-block-heading">CBDCs may not be good for Bitcoin</h2>



Proponents argue legislation prohibiting CBDCs could unwittingly harm innovation in digital assets, namely bitcoin.



The nonpartisan bitcoin think tank, Bitcoin Policy Institute, <a href="https://www.btcpolicy.org/articles/in-attempt-to-stop-cbdcs-states-are-rejecting-ostensibly-pro-bitcoin-legislation" target="_blank" rel="noreferrer noopener">cautioned</a> in March that anti-CBDC legislation may unintentionally impede the growth of the bitcoin ecosystem, unless it incorporates precise phrasing to assess BTC.



North Carolina&#8217;s anti-CBDC bill must now pass a state Senate <a href="https://openstates.org/nc/bills/2023/HB690/" target="_blank" rel="noreferrer noopener">vote</a> before Governor Roy Cooper (a Democrat) can either <a href="https://www.theassemblync.com/politics/roy-cooper-veto-power/" target="_blank" rel="noreferrer noopener">veto</a> or sign it into law.



Updated May 6th 2023 at 9:30am to include additional context on similar sentiment in Florida&#8217;s legislature.



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North Carolina House Passes Bill to Ban State From Accepting CBDCs

Florida lawmakers may have to revise a recently passed bill barring central bank digital currencies (CBDCs) to avoid inadvertently banning bitcoin.



Governor Ron DeSantis’ proposal would make Florida the first US state to ban CBDCs, with a House panel voting 15-5 in favor on Monday.



DeSantis, who has served as Florida governor since 2019, is opposed to the idea of a federally-controlled digital currency, arguing it would hurt innovation and “promote government-sanctioned surveillance.”



The bill blocks the use of a federally-backed <a href="https://blockworks.co/tag/cbdc" target="_blank" rel="noreferrer noopener">CBDC</a> as currency under Florida’s Uniform Commercial Code. It also prohibits CBDCs issued by a foreign reserve or foreign sanctioned central bank, and calls on other states to embrace the same prohibitions.



A CBDC is a type of digital currency, which may or may not run on a blockchain or distributed ledger system, backed and issued by a central bank. <a href="https://blockworks.co/news/biden-signs-crypto-executive-order-promoting-responsible-innovation">US President Joe Biden signed an executive order</a> last year asking federal agencies to study benefits and risks of a US CBDC, but no definite decision has been made on whether the US will actually come up with one.



Even so, the <a href="https://blockworks.co/news/us-treasury-weighs-prospect-for-cbdc-adoption">US Treasury is working on the technology</a> that would be required to create a CBDC if lawmakers do decide to go ahead with the concept.



But there’s a small problem with DeSantis’ bill. Per <a href="https://floridapolitics.com/archives/598740-house-moves-on-gov-desantis-call-for-centralized-digital-currency-ban/">Florida Politics</a>, it defines CBDCs as digital currencies “validated directly by” a foreign government.&nbsp;



While the language is somewhat open to lawmaker interpretation, bitcoin (<a href="https://blockworks.co/price/btc" target="_blank" rel="noreferrer noopener">BTC</a>) can fit that description: <a href="https://blockworks.co/tag/el-salvador" target="_blank" rel="noreferrer noopener">El Salvador</a> has adopted bitcoin as legal tender, thereby “validating” it in the non-technical sense (it’s unclear whether El Salvador’s central bank or other government institution runs fully-validating Bitcoin nodes, also known as full nodes).



Wyman Duggan, a member of Florida’s House of Representatives sponsoring the bill, reportedly said they hadn’t set out to ban bitcoin along with CBDCs, and that they may change the bill if necessary.&nbsp;



The Bitcoin Policy Institute, a nonpartisan bitcoin think tank, recently <a href="https://www.btcpolicy.org/articles/in-attempt-to-stop-cbdcs-states-are-rejecting-ostensibly-pro-bitcoin-legislation">warned</a> that anti-CBDC legislation could unwittingly make it more difficult for the bitcoin ecosystem to flourish, unless they include specific language vetting BTC.&nbsp;



DeSantis has previously presented as pro-bitcoin, having floated accepting the top crypto for state taxes last March.



<h2 class="wp-block-heading">CBDCs and the US Constitution</h2>



While proponents of CBDCs argue that they can be used to speed up transactions, make cross-border payments more efficient, and discourage criminal activity, opponents like DeSantis believe such a system raises heavy privacy and security concerns.



Some Florida lawmakers have agreed with DeSantis’ view. Rep. Duggan reportedly raised apprehensions that CBDCs would give government in-depth insight into consumer purchases and could potentially freeze or seize anyone’s assets.



DeSantis himself previously <a href="https://floridapolitics.com/archives/596576-gov-desantis-wants-centralized-digital-currency-ban-raises-fear-government-could-control-purchases/">warned</a> that government oversight of digital currency would mean people wouldn’t be able to purchase gas or guns. “Who knows whether they would let you buy a firearm or things they disapprove of?” he said.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">The Biden Administration’s creation of a central bank digital currency is about one thing &#8211; control. I am calling on the Legislature to prohibit the use of a so-called CBDC in Florida, protecting Floridians from government surveillance and control of their personal finances. <a href="https://t.co/ob1E90R5Gn">pic.twitter.com/ob1E90R5Gn</a>&mdash; Ron DeSantis (@GovRonDeSantis) <a href="https://twitter.com/GovRonDeSantis/status/1638173916299657225?ref_src=twsrc%5Etfw">March 21, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Democrats were among those who voted against the bill. They raised the debate of unconstitutionality, since it is the US Constitution that gives the federal government the power to create and circulate national currency.



Rep. Allison Tant reportedly asked the House panel whether such a move indicated that Florida would be lagging economically. Duggan disagreed that this would happen, but admitted that there could be legal challenges if the bill became law.



“There’s obviously a federal Supremacy Clause in the [US] Constitution. That’s an enumerated power of the federal government, to mint money,” Duggan said. “We’re clearly going to have to have a court explore the contours of this relationship.”



The bill hasn’t yet become law and must pass the entire chamber of the House and Senate, before finally reaching the governor. He can then choose to sign it, or allow it to become law without signature, or veto it.



David Canellis contributed reporting.



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