GOP Debate: Where Do the Candidates Stand on Bitcoin?

Eight Republican candidates are gearing as much as take the talk stage tonight because the early 2024 presidential election cycle reaches a pivotal level. 

Former President and Republican frontrunner Donald Trump—who owns some Ethereum and has his personal NFT assortment—can be notably absent, electing to skip the chit-chat in lieu of a pre-recorded interview with former Fox Information host Tucker Carlson on Twitter.

Trump additionally used Twitter in 2019 to say that “he’s not a giant fan of Bitcoin and different cryptocurrencies,” favoring the U.S. greenback. However different presidential hopefuls have additionally weighed in. The place do the candidates stand?

Florida Governor Ron DeSantis

Florida Governor Ron DeSantis has expressed help for Bitcoin since his first official day as a candidate. Throughout his marketing campaign’s kickoff alongside Tesla CEO and Twitter proprietor Elon Musk, DeSantis informed the billionaire that Bitcoin will most likely be killed off if President Joe Biden is reelected.

“You could have each proper to do Bitcoin,” DeSantis additionally stated. “The one motive these folks in Washington don’t like it’s as a result of they don’t management it.”

DeSantis has critiqued central financial institution digital currencies (CBDC) as effectively. He as soon as referred to as the know-how a “large switch of energy from particular person shoppers to a government” and moved to stop a digital greenback from ever coming into the Sunshine State.

CBDCs are much like stablecoins, as each are tokens pegged to the worth of a sovereign forex just like the dollar. However as a substitute of being issued on public networks by non-public corporations, CBDCs are maintained by their respective governments or central banks.

Entrepreneur Vivek Ramaswamy

Whereas Democratic presidential candidate Robert F. Kennedy Jr. established himself as a pro-Bitcoin Biden various in Might at Bitcoin 2023 in Miami, Biotech entrepreneur Vivek Ramaswamy was additionally a speaker with lots to say about crypto’s largest coin.

“Thomas Jefferson, he would’ve been mining for Bitcoin at present, I’ve little doubt about that,” he stated. “That’s an American embodiment. It’s who we’re as folks.”

Throughout his speech at Bitcoin 2023, Ramaswamy stated that Bitcoin will not be a safety, lambasted the Federal Reserve for making an attempt to play “monetary god,” criticized CBDCs, and skewered the Biden’s administration proposed 30% excise tax on crypto mining.

One of many major targets of his marketing campaign is to reform the U.S. central financial institution, Ramaswamy stated. He implored conference-goers to get him to the talk stage by donating Bitcoin to his marketing campaign, and to make 2024 a “referendum on sound cash in the US.”

Ramaswamy informed the crypto information web site CoinDesk in Might that he’s the one candidate with sufficient information to speak about Bitcoin intelligently. He additionally accused DeSantis of adopting many features of his pro-Bitcoin and anti-CBDC stance.

Earlier this week, Ramaswamy received a thumbs up from Elon Musk, who referred to as him “a really promising candidate.”

Senator Tim Scott of South Carolina

South Carolina Senator Tim Scott has established himself as supportive of crypto regulation. He’s a member of the Senate’s Monetary Innovation Caucus, which discusses points like digital property, stablecoins, and CBDCs.

Scott was additionally a co-sponsor of the Equal Alternative for All Buyers Act, a invoice that finally failed final 12 months however sought to outline digital property as an funding and modify present guidelines surrounding accredited traders.

At a Senate Banking Committee listening to dedicated to digital property in February, he referred to as out Securities and Alternate Fee Chair Gary Gensler for his resolution to not attend, contrasting it with a plethora of TV interviews Gensler has executed. 

He additionally requested whether or not the SEC was “asleep on the wheel” for failing to take motion in opposition to FTX earlier than it was too late, resulting in the collapse of the trade final November.

“The American folks should know why no motion was taken previous to the collapse of FTX, and the way hundreds of thousands of {dollars} of American’s hard-earned cash simply vanished into nothing,” he stated.

North Dakota Governor Doug Burgum

North Dakota Governor Doug Burgum hasn’t been a vocal proponent of Bitcoin on the marketing campaign path, however he’s given the crypto sector a tip of the hat throughout the previous 12 months. Commenting on the development of an information heart in North Dakota final 12 months, he famous the state’s emergence as a hub for crypto mining.

“This main funding in North Dakota will additional cement our state’s rising status as a hub for knowledge facilities and cryptocurrency mining,” he stated. “We’re well-positioned to help knowledge facilities and different energy-intensive industries.”

Could possibly be a supporter, nevertheless it’s exhausting to inform

There have been a number of candidates set to take the stage on Wednesday who don’t seem to have issued public feedback about cryptocurrency or Bitcoin. They’re former New Jersey governor Chris Christie, former U.N. ambassador Nikki Haley, former Arkansas governor Asa Hutchinson, and former Vice President Mike Pence.

Honorable point out

Miami’s pro-crypto Mayor Francis Suarez acknowledged on Wednesday that he didn’t qualify for the upcoming debate, after he erroneously claimed he did every week earlier than, per ABC Motion Information.

Throughout an interview with the crypto information web site The Block, Suarez stated he would probably take his wage in Bitcoin as president, one thing he already does as Miami’s mayor. Moreover, the candidate accepts Bitcoin transactions.

“I feel it’s essential for a president to encourage generational innovation,” he stated. “I do help various property like crypto, and I feel they’re superb for a rustic just like the U.S.”