The approaching 2024 presidential vote in the United States has captured the attention of both crypto enthusiasts and skeptics. As the political landscape unfolds, it becomes clear that some candidates are vocal supporters of cryptocurrencies, while others hold a more cautious or even hostile stance towards the digital asset class. In this article, we will delve into how the potential candidates from both the Democratic and Republican parties view cryptocurrencies and what their positions mean for the industry.
The Pro-Crypto Team of the Dems
Among the Democratic candidates, Robert F. Kennedy stands out as a prominent advocate for cryptocurrencies. The nephew of former President John F. Kennedy has expressed his interest in Bitcoin and vowed to implement pro-BTC laws if elected. Kennedy promises to protect Americans’ rights to hold and use Bitcoin and advocates for legislation that supports the advancement of the digital asset while preventing money laundering. One of his groundbreaking proposals is to back the US dollar with “real finite assets,” including gold, silver, platinum, and bitcoin.
In contrast to Kennedy’s outspoken support, Marianne Williamson has not been as vocal about cryptocurrencies. However, she raised eyebrows during the Canadian truckers’ strike when she questioned the authorities’ actions in freezing accounts facilitating crypto donations to the protestors. Her stance on cryptocurrencies remains relatively unknown, leaving room for speculation.
Ron DeSantis and Francis Suarez: Crypto Supporters
The Republican party also has candidates who are crypto enthusiasts. Ron DeSantis, Florida’s Governor, pledged to end the war on Bitcoin and is opposed to the launch of a central bank digital currency. Francis Suarez, Miami’s mayor, has introduced several pro-crypto initiatives in his city and received his salary in bitcoin, showcasing his strong support for the digital asset. However, Suarez has not yet made specific promises regarding cryptocurrencies as part of his presidential campaign.
Another Republican candidate, Vivek Ramaswamy, is a fan of Bitcoin but disagrees with Kennedy’s plan to back the US dollar with the digital asset. He argues that precious metals would be more suitable for the role at the current moment.
Donald Trump’s Hostility Towards Crypto
Former President Donald Trump has been openly critical of cryptocurrencies, referring to them as “potentially a disaster waiting to happen” and expressing concern about their impact on the US dollar. Trump believes that the dollar should remain the primary currency and that cryptocurrencies should be heavily regulated to preserve the dollar’s importance. Despite his reservations, his wife Melania Trump embraced the NFT trend by launching an NFT platform on the Solana blockchain.
President Joe Biden has not displayed the same level of hostility towards cryptocurrencies as his predecessor, but he remains cautious. His administration included digital currencies in its economic report as “mostly speculative investment vehicles” that do not fully function as money. The administration’s concern about the environmental impact of Bitcoin mining has led to a proposed 30% climate change tax on cryptocurrency miners starting from the next fiscal year.