In late 2024, citizens of the United States will elect their next president in a four-year term that could significantly affect the next crypto bull run.
Despite the polls not opening until November 5, 2024, many U.S. politicians have already expressed their intention to challenge President Joe Biden for the country’s highest position.
The current Biden administration has been displaying an increasingly negative attitude toward crypto. On the other hand, former President Donald Trump is also running for the job, setting the stage for a rematch. Other candidates are also vying for the Democrat and Republican presidential nominations.
Joe Biden — Democrat
On April 25th, Joe Biden launched his re-election campaign and is currently seen as the leading candidate for the Democratic presidential nomination. When it comes to his views on cryptocurrency, Biden’s 2023 Economic Report of the President provides a clear indication. This report is significant as it included a section on crypto for the first time since its inception in 1950, which aimed to dispel the “Perceived Appeal of Crypto Assets.” The report argued that cryptocurrency does not deliver on its promised benefits and claimed that “many of them have no fundamental value.”
Biden has also been vocal about his opposition to perceived crypto “tax loopholes” and has taken a stance against a debt ceiling agreement with Republicans, stating that it protects “wealthy tax cheats and crypto traders.” Overall, Biden’s views on cryptocurrency seem to be skeptical, and he has shown a willingness to take action against perceived issues related to the industry.
In March 2022, his executive order resulted in the initial framework for cryptocurrency. He has proposed a 30% tax on electricity consumption for crypto mining, doubled capital gains taxes, and intensified efforts to prevent crypto wash sales.
Donald Trump — Republican
Donald Trump, the former US President, announced his non-consecutive re-election bid on November 15, 2022, and is currently the preferred Republican nominee, according to recent polls. However, Trump’s views on cryptocurrency are not favorable. He has expressed doubts about the legitimacy of crypto, stating that it “may be fake” and is a “disaster waiting to happen.” Additionally, Trump has referred to Bitcoin as a “scam” and disliked it because it competes with the US dollar as another currency.
In July 2019, during his presidency, Trump took to Twitter to express his dislike for Bitcoin and other cryptocurrencies, claiming that their value was “based on thin air.” Overall, Trump’s stance on cryptocurrency seems to be negative, with him expressing skepticism about the legitimacy of the industry and its potential impact on traditional currencies like the US dollar.
While he was in office, Trump directed his focus towards the use of cryptocurrency in financial crimes, and reportedly urged his Treasury Secretary, Steven Mnuchin, to “go after Bitcoin” during a conversation about trade sanctions against China. In his 2021 budget proposal, Trump only mentioned “cryptocurrencies” to illustrate their involvement in criminal activity.
Although Trump did consider a capital gains tax cut that could have been advantageous to crypto users, his administration also promoted distributed ledger technology as a technology that could enhance governmental operations and strengthen the nation’s cybersecurity measures.
Ron DeSantis — Republican
In his announcement on Twitter for his presidential bid on May 24, Ron DeSantis pledged to “safeguard” Bitcoin. Prior to this announcement, polls ranked the Florida governor as the second most popular candidate, behind Trump.
During his campaign launch on Twitter Space, DeSantis asserted that individuals have the freedom to engage in Bitcoin and that he intends to “preserve the capacity to conduct activities such as Bitcoin.”
He criticized Congress for failing to take action on cryptocurrencies and accused regulators of creating an environment that hinders participation in the crypto industry.
In his budget proposal for the state of Florida for 2022-2023, Ron DeSantis recommended that businesses be permitted to pay state fees using cryptocurrencies.
DeSantis is commonly recognized for his opposition to central bank digital currencies (CBDCs). He implemented laws in Florida that prohibit the use of a federal CBDC as legal tender and also banned the use of foreign CBDCs. Additionally, he has spoken out against the Federal Reserve’s FedNow 24/7 instant payments system, stating that it could be a precursor to a CBDC.
Vivek Ramaswamy — Republican
Although considered an unlikely contender for the Republican nomination, Vivek Ramaswamy, founder of a pharmaceutical company, has expressed his support for cryptocurrencies.
In May, Ramaswamy posted a tweet stating that “Bitcoin should not be subject to securities regulation.” He further revealed at the Bitcoin 2023 conference that he would welcome campaign donations in the form of Bitcoin.
During the conference, Ramaswamy reiterated his belief that Bitcoin should not be classified as a security, stressing the importance of maintaining its current status.
According to Ramaswamy, Bitcoin is a finite asset with no central issuer, and therefore, it should not have been subject to securities regulations under the current laws.
Robert F. Kennedy Jr. — Democrat
Although not expected to be nominated by the Democratic Party for the presidency, Robert F. Kennedy Jr. has expressed his support for cryptocurrencies and their role in driving innovation.
During the Bitcoin 2023 conference, Kennedy praised Bitcoin as a symbol of democracy and freedom and acknowledged the importance of crypto technologies as a major innovator. He also became the first presidential candidate to accept campaign donations in BTC, beating Ramaswamy by a few days.
Kennedy has publicly criticized Biden’s proposed 30% crypto miner energy tax, describing it as a bad idea. Additionally, he opposes central bank digital currencies (CBDCs) as they would significantly increase the government’s power. He also opposes the Federal Reserve’s FedNow system for similar reasons.
The others
Nikki Haley, the third Republican candidate, has not yet expressed her stance on cryptocurrencies publicly.
Likewise, Marianne Williamson, the Democratic candidate, has not made any direct comments on crypto. However, she has hinted at her dissatisfaction with the Canadian government’s decision to block crypto wallets during the 2022 trucker protests.
Republican Senator Tim Scott is running for office, but has not released any official policies regarding cryptocurrencies. However, he has expressed his intentions to create a bipartisan regulatory framework for crypto.
Senator Scott has been critical of the securities regulator’s handling of FTX and has questioned their level of attentiveness.