- US Presidential candidate Ron DeSantis vows to replace Federal Reserve Chair Jerome Powell and block the introduction of a Central Bank Digital Currency (CBDC).
- DeSantis promises to foster the cryptocurrency sector, claiming he will put an end to the “war on Bitcoin” waged by the current administration.
A Political Maneuver for Financial Autonomy
Florida Governor and 2024 US Presidential nominee Ron DeSantis has released a manifesto he calls the
“Declaration of Economic Independence.”
This extensive document elucidates his vision for tackling America’s most pressing financial conundrums, promising a future where the U.S. maintains its economic supremacy. Crucially for the crypto community, DeSantis has included an unequivocal pledge to spur the growth of the cryptocurrency sector.
A Nuanced Crypto Policy Amidst Broader Economic Goals
DeSantis’s economic policy goes beyond mere soundbites; it’s a comprehensive treatise covering various facets of fiscal governance. Among these, one finds policies aimed at tax reduction, alleviating social inequality, and enhancing living affordability. The gubernatorial candidate, who would become the President if he wins the 2024 election, also sets his sights on reforming the financial sector, which has been wobbly due to recent crises. He has called for
“clear language disclosures of shadow banks to increase transparency and better track systemic risks.”
The nominee promises to replace current Federal Reserve Chairman Jerome Powell. In his view, the Fed must eschew short-term political pressures and refocus on its foundational mission: maintaining a stable dollar. DeSantis is unambiguous about what he sees as the Fed’s overreach:
“The Fed must focus on stable prices; it is not a social engineer and cannot be allowed to be an unaccountable economic central planner.”
No Room for Central Bank Digital Currency
One of DeSantis’s most striking declarations concerns the future of digital assets in the U.S. financial ecosystem. He commits to block the Federal Reserve from introducing a Central Bank Digital Currency (CBDC). This is a vital distinction; CBDCs, being state-controlled digital versions of a country’s national currency, can potentially undermine decentralized cryptocurrencies like Bitcoin.
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While opposing CBDCs, DeSantis goes on record to bolster the cryptocurrency sector, which he argues has been unfairly targeted through
“politically driven debanking and financial doxing.”
This stands in direct contrast to current U.S. President Joe Biden’s approach, which DeSantis has previously critiqued as a
“war on Bitcoin.”
According to DeSantis, the primary reason the existing administration opposes crypto is an inability to control this disruptive financial technology.
This political manifesto thus sets the stage for what could be a transformative era for cryptocurrencies, contingent, of course, on DeSantis’s success in the upcoming electoral showdown.
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