DeSantis' Potential Exit May Impact Crypto Voice in 2024 Race

• Crypto's Role in the 2024 Presidential Race
• Ron DeSantis and Vivek Ramaswamy's Influence
• The Crypto-Friendly Candidates
• Trump and the CBDC
• The Future of CBDCs in the US
• The Impact of Crypto on the 2024 White House Race

Crypto's Role in the 2024 Presidential Race

Vivek Ramaswamy and Ron DeSantis were the most vocal about cryptography in the 2024 presidential race. Both have, however, returned to the political scene this week. Notably, there was sudden interest last week about US central bank digital currencies by former President Donald Trump. Despite this, the issue remains mostly theoretical.

Ron DeSantis and Vivek Ramaswamy's Influence

Ron DeSantis, the Governor of Florida, may not be a crypto expert, but he did utilize digital assets as a political instrument. In his potential pursuit of the presidency, he ensured that his influential state supports the industry. The absence of both DeSantis and his fellow candidate, Vivek Ramaswamy, marks a sudden decrease in crypto interest in this year's US presidential race.

The Crypto-Friendly Candidates

Aside from Robert Kennedy Jr., an independent crypto-friendly candidate aiming to start a third party, DeSantis and Ramaswamy were the most eager to include virtual assets in the presidential dialogue. Former President Donald Trump, who is the leading Republican primary candidate according to polls, did adopt one party stance against a US central bank digital currency (CBDC) during a campaign stop.

Trump and the CBDC

Trump stated, I will never allow the creation of a central bank digital currency, expressing surprise about the crowd's enthusiastic response. Trump, like DeSantis before him, warned that a digital dollar controlled by the Federal Reserve would give the government complete control over citizens' finances. Despite his quick personal involvement in non-fungible tokens (NFT), Trump hasn't shown a particular interest in the field and previously referred to Bitcoin$42,260 -0.64% as a scam.

The Future of CBDCs in the US

While the issue of digital assets could persist despite DeSantis and Ramaswamy's departure from the arena, the likelihood of a US CBDC has been debated, with Republicans accusing President Joe Biden and his administration of pushing a government token to spy on citizens. There is no evidence to suggest this as the Federal Reserve or Department of the Treasury have not announced such plans.

Both have indicated they are studying CBDCs and assessing whether they could be feasible in the US. This matter has become more pressing as competitors such as China and Europe have already started implementing government tokens. Federal Reserve officials stated they will not introduce a digital dollar unless directed by the White House and Congress-a highly unlikely event in the near future.

The Impact of Crypto on the 2024 White House Race

While crypto was never destined to be a central theme in the 2024 White House battle, it had at least been peripheral in the Republican primary field. Even Asa Hutchinson, the former Arkansas Governor and a presidential candidate who was not an outspoken industry supporter, expressed support for virtual-sector innovations at a crypto forum in New Hampshire. However, he also withdrew last week.

Nikki Haley, a former South Carolina governor and U.S. ambassador to the United Nations, is Trump's main opponent for the 2024 Republican nomination. Haley has largely avoided crypto topics in her presidential campaign. In the event of unexpected setbacks in Trump's bid for nomination, Haley could provide a fresh platform for the digital assets sector.

Edited by Jonathan Stoker