Are There Any Pro-Crypto Presidential Candidates?

As the 2024 U.S. presidential election approaches, the Republican Party is gearing up for its first major debate in Milwaukee on Aug. 23. Notably, several candidates have expressed their positions on crypto-related policies. While the main event will likely tackle a variety of issues, the crypto community will be keenly watching for mentions of digital assets and blockchain.

Although eight candidates are scheduled to participate, former U.S. President Donald Trump, despite leading the polls, has opted out due to ongoing legal issues surrounding his alleged interference in the 2020 election results.

The debate promises intrigue, given that this will be the maiden occasion several candidates will share the stage, and past political campaigns might have set a competitive backdrop. While it remains uncertain if crypto will make it to the discussion agenda, several hopefuls have, in the past, highlighted their plans to integrate blockchain technology and cryptocurrencies into national policy, if elected.

One prominent figure, Florida Governor Ron DeSantis, who’s polling behind Trump, has openly opposed central bank digital currencies (CBDCs) on the grounds of preventing governmental overreach in consumer payments. Earlier in his tenure, DeSantis had signed a bill limiting the use of a federal digital dollar within Florida.

The youngest contender, Vivek Ramaswamy, perceives the 2024 elections as a potential “referendum on fiat currency.” He had a memorable moment at Bitcoin 2023 in Miami, where he announced his campaign’s decision to accept Bitcoin contributions. Tech magnate Elon Musk has even dubbed Ramaswamy a “promising” candidate.

Miami’s pro-crypto Mayor, Francis Suarez, has also thrown his hat in the ring. Suarez has a record of endorsing crypto-friendly policies, even opting to receive part of his salary in Bitcoin and backing the MiamiCoin project. However, Suarez’s claim of participating in the Aug. 23 debate was later refuted by GOP officials.

The list of attendees will also feature notable names such as North Dakota’s Doug Burgum, Senator Tim Scott of South Carolina, ex-U.S. Vice President Mike Pence, and others. Pro-crypto advocate Robert F. Kennedy Jr., though not participating in the Republican debate, remains a figure of interest in the Democratic camp. It’s quite clear that the Biden administration (and several prominent senators like Liz Warren) are openly trying to kill crypto by building an “anti-crypto army.” 

The 2024 electoral landscape holds potential significance for digital asset regulation in the U.S. With every House seat and 33 Senate seats up for election, there could be major policy shifts on the horizon. Notably, in a move to bring regulatory clarity to crypto businesses, Republican members of the House Financial Services Committee have recently advanced two pivotal bills, though a full House vote remains pending.

The future of crypto policy in the U.S. could very well hinge on the outcome of the 2024 elections and the legislative agenda of the victors.