The United States Presidential elections will kick off in late 2024, and many of the presidential candidates on the Democratic and Republican sides have already given clues about what they think about Bitcoin and the whole crypto industry. While some appear to be crypto-friendly politicians, others appear hostile to the crypto industry.
The citizens of America already know that the next four years after the election will have a huge impact on their lives. Crypto enthusiasts understand that the crypto laws in the US haven't been great, and they need crypto-friendly politicians to take the highest political position in the country. In the next election, the president of the United States would be chosen according to their qualities. Crypto friendliness has become a major area of interest for those vying for the president's office.
The current president of the United States has already announced his interest in running for a second tenure of office. President Biden announced his re-election bid on April 25 and will likely be one of the favorites to clinch the Democrat's ticket.
Many crypto enthusiasts already know the stance of Joe Biden towards the crypto industry. His administration has not been favorable to the industry. It has been filled with many legal cases involving crypto firms, personalities, and federal commissions such as the Securities and Exchange Commission. During his 2023 Economic Report of the President, which included a section on crypto, the current president of the US called the crypto industry a false establishment that does not deliver on its promises. According to the president, he said: "Many of them have no fundamental value."
Biden has consistently voiced his disapproval of the crypto industry. Recently, he used his powers against the perceived "crypto tax loopholes" and didn't agree to a debt ceiling agreement with the Republicans. Even the decisions of the current US president go against the crypto industry. In March this year, his executive order called for a 30% tax on crypto-mining electricity usage.
I'm not a Fan of Bitcoin - Donald Trump.
Donald Trump is the most favored Republican candidate for the 2024 elections. However, his views towards the crypto industry are not different from that of Joe Biden. According to a series of tweets he made in 2019 before leaving office, he condemned the use of Bitcoin in the country and said crypto was mainly used for illegal activities.
"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….," the Republican politician said in 2019. However, it seems the view of Donald Trump might have changed after seeing him launch his own NFT collection two times within a year.
I will Protect Bitcoin - Ron DeSantis
Ron DeSantis, a Republican contestant, said he would support using Bitcoin in the United States. According to the politician, "You have every right to do Bitcoin." He also mentioned that he would "protect the ability to do things like Bitcoin" when he becomes the country's president. He said all these when he joined Twitter space, where Elon Musk was also present.
Other candidates that are pro-crypto are Vivek Ramaswamy and Vivek Ramaswamy. Others who haven't shared their views are Democratic candidate Marianne Williamson and Republican candidate Nikki Haley.