In an unexpected collaboration on the digital stage, the current governor of Florida, Ron DeSantis, launched his 2024 U.S. presidential campaign during a Twitter Space discussion with entrepreneur Elon Musk. The announcement was marked by notable remarks regarding the future of cryptocurrency, with Bitcoin featuring prominently.

DeSantis, a controversial figure in the political arena, is stepping up to challenge the presidential status quo in 2024. Notably, he has positioned himself as a protector of Bitcoin, vowing to ensure the cryptocurrency’s survival should he assume the Oval Office.

The announcement, which took place on May 24, saw Twitter CEO Elon Musk sharing the stage with DeSantis. The conversation was overseen by venture capitalist David Sacks and attended by approximately 520,000 virtual spectators.

Ron DeSantis Makes A Presidential Pledge to Bitcoin

In a potent promise, DeSantis stated, “As president, we’ll protect the ability to do things like Bitcoin.” He acknowledged the risks associated with digital currency but emphasized the sophistication of the investors engaged in cryptocurrency. In his view, they are capable of making informed decisions about their financial ventures.

Arguing for Bitcoin’s legitimacy, he stated, “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.” DeSantis drew a hard line between the world of Bitcoin and the “central planners” on Capitol Hill, whom he accused of seeking to control society.

Bitcoin: The Perceived Threat

DeSantis didn’t hold back his criticism, suggesting that Bitcoin’s potential as a threat to established systems was causing government efforts to “regulate it out of existence.” His comments hinted at the ongoing jurisdictional conflict over cryptocurrencies waged by the Securities and Exchange Commission (SEC).

Under the leadership of current chair Gary Gensler, the SEC has consistently argued its right to regulate the burgeoning crypto space. Yet, DeSantis contradicted this claim, pointing out that Congress had “never addressed” cryptocurrencies. 

This regulatory void, he suggested, led “the bureaucracy”— presumably referring to the SEC — to attempt control.

An Unsettled Crypto Landscape

The Florida governor expressed his disinterest in controlling “everything that people may be doing in this space.” He warned that the “current regime”— pointing the finger at President Joe Biden’s administration — harbored animosity towards Bitcoin. If President Biden is re-elected in 2024, DeSantis predicts the regulatory regime for crypto could potentially “end up killing it.”

Earlier this month, DeSantis took legislative action against central bank digital currencies (CBDCs) in Florida. He enacted a law that prevents using a federal CBDC as legal tender and prohibits using foreign CBDCs.

As the November 2024 U.S. presidential elections draw nearer, DeSantis will likely confront former President Donald Trump and others in the first GOP presidential primary debate. However, it’s also worth noting that DeSantis isn’t the only presidential candidate endorsing cryptocurrency. Democratic contender Robert F. Kennedy Jr. recently lauded Bitcoin as a “symbol of democracy and freedom” at the Bitcoin 2023 conference.

The road to the White House is long, and DeSantis’ crypto-friendly stance may prove a game-changer in his bid for the presidency. The political stage awaits, and so do cryptocurrency enthusiasts.

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