Florida Governor Pledges to End US War on Crypto

Florida governor Ron DeSantis has vowed to end the Biden administration’s anti-crypto agenda focused on eroding civil liberty.

DeSantis vowed to end the government’s war on Bitcoin at a New Hampshire economic policy event on Monday.

US SEC Designates Bitcoin a Commodity

It is unclear what exactly DeSantis meant by a “war” on Bitcoin.

The US Securities and Exchange Commission (SEC), responsible for numerous crypto enforcements under the Biden administration, has called the asset a commodity rather than a security. The designation places the asset under the jurisdiction of the US Commodity Futures Trading Commission (CFTC) and is less likely to face an imminent crackdown.

While the Biden administration created laws to tax crypto brokers and proposed a legal framework for the industry, the President has not opposed the asset. Bitcoin is up 120% during his term, trading at just under $29,000.

Former president Donald Trump has not formally recanted earlier concerns that cryptocurrencies enabled drug trafficking.

Bitcoin’s Role in Free Society

However, DeSantis could be offering citizens a chance to prevent government overreach. His rival in the presidential race, Robert F. Kennedy Jr, argued earlier that Bitcoin is the currency of a free society.

Kennedy says that the shutdown of the account of a popular COVID-19 dissident proves banks are not politically neutral. He previously argued the FedNow system was a precursor to a central bank digital currency that would erode financial liberty in a free civil society.

DeSantis recently introduced a bill to protect Florida residents from the central bank digital currency (CBDC) favored in Biden’s framework.

The US Federal Reserve has repeatedly emphasized that while it has conducted several research projects, it has no immediate plans to launch a CBDC.

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