Amid the continued crackdown on Bitcoin and crypto in the US, Florida Governor Ron DeSantis, a staunch Republican and candidate for President of the United States, has vowed to protect the rights of crypto investors if he becomes the nation’s highest office.
With growing concerns about regulatory uncertainty and government scrutiny, DeSantis’ recent remarks during a Twitter space session with Elon Musk and David Sacks paved the way for a potential paradigm shift in the US cryptocurrency landscape.
Defense of Crypto Rights
Governor DeSantis, known for his pro-business stance and commitment to individual freedoms, has taken a stand in favor of saving Bitcoin and other cryptocurrencies.
During the conversation on the Twitter space that gathered more than 500,000 listeners, DeSantis pledged to defend the rights of crypto traders, emphasizing that the field of digital assets is a matter of civil liberties.
According to the presidential candidate, he is committed to “protecting the ability to do things like Bitcoin”. This promise has has deeply affected the crypto community, sparking a glimmer of hope amid growing regulatory concerns.
DeSantis’ criticism of regulators and the Biden administration reflects his belief that more years under the current regime could spell trouble for Bitcoin’s future.
The governor’s scathing assessment revolves around the idea that Washington’s reluctance to embrace cryptocurrencies stems from a desire for control, echoing concerns raised by proponents of decentralization.
According to DeSantis, Bitcoin poses a “threat” to central planners in Washington because its existence empowers individuals and bypasses traditional control systems.
Protection against CBDC
Additionally, in an effort to protect consumer interests and promote innovation, Governor DeSantis has proposed banning central bank digital currencies (CBDCs).
DeSantis argues that CBDCs, by design, impede innovation and introduce the potential for authoritarian surveillance. By taking a strong stance against the development and implementation of CBDCs, DeSantis seeks to ensure that the crypto ecosystem remains fertile ground for technological advancements and financial autonomy.
Critics of CBDCs have long warned of the potential dangers associated with centralized digital currencies, such as the erosion of privacy, increased surveillance capabilities, and the concentration of power in the hands of central authorities.
DeSantis’ call to action resonates with those who see crypto as a way to preserve individual freedoms and protect against the encroachment of authoritarian control.
As the conversation around CBDCs continues to unfold, DeSantis’ proposal adds fuel to the fire and highlights the importance of maintaining a decentralized and inclusive financial ecosystem.
Meanwhile, despite growing support for Bitcoin, BTC has been facing a steady decline instead of seeing positive movement. Over the past 24 hours, Bitcoin has seen a meager gain of 0.2%, while over the past seven days it has seen a decline of 3.1%.
Bitcoin trading volume has increased significantly over the past seven days, however, suggesting potential short-term downward pressure. During this period, trading volume rose from $15.3 billion last Thursday to a high of $17.6 billion in the past 24 hours.
Featured image from Unsplash, chart from TradingView