The contenders’ positions on cryptocurrency are expected to have a bigger role in the forthcoming 2024 US presidential election. It is critical to comprehend where each candidate stands on this topic since it has the ability to affect the upcoming crypto bull run. Here is a summary of what the leading Democratic and Republican candidates have said about cryptocurrency.
Joe Biden – Democrat
The American president at the moment, Joe Biden, has a negative view on crypto. Biden stated that bitcoin had no inherent value in his 2023 Economic Report.
He said that despite the benefits that were touted for cryptocurrencies, such as improving payment systems, fostering financial inclusion, and creating mechanisms for the transfer of money and intellectual property, they did not live up to those expectations. In his words:
“Instead, their innovation has been mostly about creating artificial scarcity in order to support crypto assets’ prices — and many of them have no fundamental value.”
He has voiced worries about cryptocurrency tax loopholes and rejected a debt ceiling deal because he thought it shielded affluent tax evaders and cryptocurrency traders.
The first legal framework for cryptocurrencies was established by Biden’s executive order in March 2022, which also included recommendations for higher capital gains taxes and a 30% tax on the power used for crypto mining.
While the Federal Reserve is among the organizations that are officially directed by Vice President Biden’s order to evaluate the merits and hazards of cryptocurrencies, the directive’s execution also provides a chance to consider a centralized digital currency. Some presidential contenders, including John F. Kennedy Jr., have shown significant opposition to this idea.
Donald Trump – Republican
Donald Trump, a former president who is currently campaigning for office, has expressed doubt about cryptocurrency. He’s called Bitcoin « a scam » and « a disaster waiting to happen. » Trump said that Bitcoin competed with the currency and that he detested it on Twitter.
During his administration, he focused on the use of cryptocurrencies in financial crimes and allegedly told his Treasury Secretary to « go after Bitcoin. » Trump has continued to be dismissive of cryptocurrencies despite the fact that his administration recognized the promise of distributed ledger technology (DLT) for governmental operations and cybersecurity.
Ron DeSantis – Republican
Ron DeSantis, the governor of Florida and Republican candidate for president, has expressed support for bitcoin. DeSantis promised to defend the usage of Bitcoin at the live Twitter event when he announced his presidential run.
“You have every right to do Bitcoin. The only reason these people in Washington don’t like it, is because they don’t control it.”
He argued that authorities had made it impossible for people to operate in the cryptocurrency field and chastised Congress for not addressing cryptocurrency.
Vivek Ramaswamy – Republican
Entrepreneur and political analyst Vivek Ramaswamy has expressed support for cryptocurrency. In a tweet, he argued that Bitcoin shouldn’t be treated like a security, and at the Bitcoin 2023 conference, he said that he would take bitcoin as campaign contributions.
Ramaswamy stressed that because Bitcoin is a limited resource and has no issuer, it cannot be classified as a security under the present securities rules.
In a tweet from March, Ramaswamy underlined the need for every Republican candidate to respond resolutely against Central Bank Digital Currencies (CBDCs) with a clear « no. »
Robert F. Kennedy Jr. – Democrat
The Democratic contender Robert F. Kennedy Jr. has shown support for blockchain and cryptocurrency. In addition to referring to Bitcoin as a symbol of democracy and freedom, he hailed crypto technology as a significant innovation engine.
Kennedy became the first presidential contender to accept Bitcoin contributions to his campaign, denouncing Biden’s plan to impose a 30% energy tax on cryptocurrency miners and supporting the FedNow system while also opposing central bank digital currencies (CBDCs).
Marianne Williamson – Democrat
Marianne Williamson, a professor and prolific author, hasn’t expressed her opinions on the rise of digital assets in great detail. She did, however, tweet last year to convey her worry, asking:
“Canada, are you okay…?”
This tweet was sent in reaction to a video posted by the local news outlet True North, in which Deputy Prime Minister Chrystia Freeland was shown explaining the steps taken by the Royal Canadian Mounted Police to freeze accounts and cryptocurrency wallets linked to organizations suspected of carrying out illegal activities.
While Williamson’s response could imply some resistance to Canada’s move to freeze cryptocurrency wallets, it is more likely connected to what some regard as an authoritarian attitude against anti-vaccine campaigners.
Tim Scott and Nikki Haley
These candidates have not made their opinions on cryptocurrency known in the media. Tim Scott, Marianne Williamson, and Nikki Haley—all candidates for the presidency—have not yet offered any firm opinions or positions on the cryptocurrency market.
In the end, the approaching presidential election will provide voters the chance to select leaders whose stances concur with their views on cryptocurrencies and its place in the nation’s economic environment.
It is vital for the crypto community to closely observe the election since the results will certainly have an impact on how crypto legislation and innovation develop in the United States.
