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DeSantis is the 2024 anti-Fed and pro-crypto candidate

DeSantis is the 2024 anti-Fed and pro-crypto candidate

As he disclosed his economic strategies for the future, the Governor of Florida, Ron DeSantis, has revealed that he will be taking a bold stance on two important issues: the Federal Reserve and cryptocurrency.

When it comes to dealing with the Federal Reserve, DeSantis is now standing out as the candidate who displays the strongest stance among those running for president in 2024. 

During a speech on Monday, he stated his aim to “rein in” the central bank, and in an interview with The Wall Street Journal, he went even farther, mentioning the idea of ousting Federal Reserve Chairman Jerome Powell from his position prior to the end of his term in 2026.

In regard to cryptocurrencies, DeSantis elaborated further on his position, providing greater clarity. He voiced his opposition to the concept of a central bank digital currency (CBDC) while at the same time expressing his unwavering support for the cryptocurrency industry as a whole. 

He stated that, if elected president, he would make it possible for Americans to invest in assets such as bitcoin and other cryptocurrencies, and he made a commitment to put an end to what he considers to be President Biden’s aggressive policy towards bitcoin and crypto.

This week, DeSantis presented a platform that reflects his continuous effort to shift the focus of his campaign from largely cultural war subjects to cover a populist economic message, with the goal of fighting the “elites” across American society. 

The platform also reflects his ongoing effort to shift the focus of his campaign from primarily culture war topics to encompass a populist economic message. This strategy also displays a strong difference with the current leading candidate for the Republican Party, Donald Trump.

It is important to remember that President Trump chose Jerome Powell to lead the Federal Reserve in 2017, but he has been quite critical of Powell throughout his tenure in that role. 

In addition, Donald Trump has a history of expressing skepticism regarding cryptocurrencies throughout the years. In 2017, he stated that he was “not a fan” of cryptocurrencies, and later in 2021, he described bitcoin as “seeming like a scam” during an interview with Fox Business.

DeSantis is aggressively seeking ways to restore momentum against Trump in the race for the governorship of Florida. 

This comes as the gap between Trump and the other candidates in the field continues to widen. Recent polls have shown that Trump has a substantial lead over DeSantis, and as a result, it is crucial for DeSantis to separate himself on important matters like the Federal Reserve and Bitcoin in order to attract support.

A range of contenders floating changes to the Federal Reserve

DeSantis is a candidate that is included in a group that has proposed significant changes to be made at the Federal Reserve. 

DeSantis, together with former Vice President Mike Pence and businessman Vivek Ramaswamy, has the goal of getting the Federal Reserve to abandon its dual mandate and instead concentrate entirely on managing inflation.

Ramaswamy has even gone farther, proposing a significant reduction of 90% of the Fed’s employees and making the role of the central bank a prominent subject in the contest for the presidency in 2024.

Concerning Donald Trump, his relationship with the Federal Reserve has been fraught for some time. 

Throughout Powell’s presidency, he was critical of him, but before he left office, he didn’t manage to get any fundamental changes passed. 

Trump’s current campaign for the presidency in 2024 has an emphasis on expanding presidential control over the federal bureaucracy. However, he has not been clear about whether or not he intends to make changes at the Fed as part of this strategy.

Notably, no other candidate has publicly broached the subject of removing Powell from office before the end of his current term, as DeSantis did not too long ago. 

During the time that Trump was in office, his administration did consider the potential of demoting Powell, but they ultimately decided against doing so.

Despite the fact that DeSantis is a registered Republican, the position that he has taken about the Federal Reserve puts him in line with many Democrats on the far left who have been critical of Powell. 

Senator Elizabeth Warren (D-Massachusetts), who is one of the most famous critics from the left, recently voiced her dissatisfaction with Powell by noting that he has two responsibilities and has not been successful in any one of them. She is one of the most prominent critics from the left.

Also one of the most pro-crypto candidates

When it comes to cryptocurrencies, the Mayor of Miami, Francis Suarez, stands out as one of the contenders who has been the most open about their positions. He is a long shot candidate for the Republican Party and had previously aimed to make his city the “crypto capital of the world.” He is currently running for office.

Robert F. Kennedy Jr., who is better known for his campaigning against vaccination, has also taken a strong stand in favor of cryptocurrency. He is a Democrat and is recognized for his activism. He has proposed the contentious notion of having the United States government buy bitcoin in order to support the value of the dollar.

In addition, John F. Kennedy Jr. voiced his opposition to the idea of a central bank issuing its own digital money, citing his fears that such a move could result in “financial slavery and political tyranny.” In the beginning of this year, he disseminated his thoughts via Twitter.

Regarding the two concerns, Vice President Biden has taken a more nuanced approach to addressing them. In 2021, he will propose Powell to continue serving as the head of the Federal Reserve, and he has been quite circumspect in his statements towards cryptocurrencies. 

However, the Securities and Exchange Commission (SEC) has adopted a stricter position on various crypto assets, beginning 17 enforcement cases just this year alone. Gary Gensler, who was nominated to lead the SEC by Joe Biden, is currently in charge of the agency.

On the other hand, it is anticipated that DeSantis would continue to concentrate his attention during his campaign on Bitcoin as well as the Federal Reserve. His opposition to the concept of a central bank digital currency (CBDC) stems from his perception of it as a potential risk. 

According to him, a CBDC would give powerful people the authority to limit particular purchases, such as those involving energy and weaponry, that they find objectionable.

He made it abundantly obvious where he stood by asserting that if he were president, the idea of a CBDC would be thrown out the window on the very first day of his administration.

 

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About Ylleza Jashari

Senior student pursuing a degree in Security Studies at Rochester Institute of Technology. In my role as a Content Writer at Walletor, my primary objective is to develop informative content that effectively educates all Walletor users on the most up-to-date insights pertaining to financial transactions, digital wallets, and the broader cryptocurrency industry.

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