Amidst the ongoing crackdown on bitcoin and cryptocurrency in the US, Florida Governor Ron DeSantis, a staunch Republican and US presidential candidate, has vowed to protect the rights of cryptocurrency investors if he is elevated to the country’s highest office.
As concerns grow about regulatory uncertainty and government control, DeSantis’ recent remarks during a Twitter space A session with Elon Musk and David Sacks set the stage for a possible paradigm shift in the cryptocurrency landscape in the US.
Defending cipher rights
Governor DeSantis, known for his pro-business stance and commitment to individual liberties, has taken a stand in favor of protecting Bitcoin and other cryptocurrencies.
During a Twitter conversation that drew more than 500,000 listeners, DeSantis vowed to support the rights of cryptocurrency traders, emphasizing that the digital asset space is a matter of civil liberties.
According to the presidential candidate, he vows to “protect the ability to do things like Bitcoin.” This promise to him It resonated deeply with the cryptocurrency community, sparking a glimmer of hope amid mounting regulatory concerns.
DeSantis’ criticism of both regulators and the Biden administration reflects his conviction that more years under the current system could cause problems for Bitcoin’s future.
The ruler’s harsh assessment revolves around the idea that Washington’s reluctance to embrace cryptocurrency stems from a desire for control, echoing concerns raised by decentralization advocates.
According to DeSantis, Bitcoin poses a “threat” to central planners in Washington, as its existence empowers individuals and bypasses traditional systems of control.
Protection against CBDCs
Moreover, in an effort to protect consumer interests and promote innovation, Governor DeSantis has proposed a ban on central bank digital currencies (CBDCs).
DeSantis argues that CBDCs, by design, hinder innovation and introduce the possibility of authoritarian surveillance. By taking a firm stand against the development and implementation of central bank digital currencies, DeSantis seeks to ensure that the cryptocurrency ecosystem remains a breeding ground for technological advancement and financial independence.
Critics of CBDCs have long warned of potential risks associated with centralized digital currencies, such as erosion of privacy, increased surveillance capabilities, and concentration of power in the hands of central authorities.
DeSantis’ call to action resonates with those who view cryptocurrency as a way to preserve individual freedoms and protect against the encroachment of authoritarian control.
As the conversation around CBDCs continues to evolve, DeSantis’ proposal adds fuel to the fire and highlights the importance of maintaining a decentralized and inclusive financial ecosystem.
Meanwhile, despite the growing support for bitcoin, BTC faced a continuous decline rather than seeing a positive move. In the last 24 hours, Bitcoin has seen a slight gain of 0.2%, while over the past seven days it has seen a decline of 3.1%.
However, Bitcoin’s trading volume has increased significantly in the past seven days, which indicates a possible bearish pressure in the short term. During this period, the trading volume rose from $15.3 billion last Thursday to the highest level of $17.6 billion over the past 24 hours.
Featured image from Unsplash, chart from TradingView
