As the 2024 Presidential elections draw nearer, the significance of the crypto market narrative continues to grow. The existing regulatory framework for cryptocurrencies in the United States has faced substantial criticism, prompting the industry to eagerly anticipate a new presidential candidate and government that can offer a more robust and comprehensive framework.
In the midst of the election buzz and the ongoing crypto debate, an intriguing development has emerged. Binance CEO CZ expresses his support for Ron DeSantis, a pro-crypto candidate, in the race for the presidency. Read on for more details.
Binance CEO CZ Supports Pro-Crypto Ron DeSantis For President
Changpeng Zhao, the CEO of Binance, welcomed the open support for the crypto industry from individuals like Ron DeSantis and Francis X. Suarez, the Mayor of Miami. Speaking at an Ask Me Anything event, CZ praised their pro-crypto stance. When asked about the potential of DeSantis running for president, CZ shared his thoughts.
CZ responded to this by saying, “That would be great.”
CZ pointed out that with the closure of crypto-friendly banks such as Silicon Valley Bank and the ongoing lawsuits, the current outlook for the crypto ecosystem in the United States is not optimistic.
DeSantis’ Stance on Cryptocurrency
American cryptocurrency supporters are looking for a presidential candidate who will prioritize fintech policies and Florida Governor Ron DeSantis is most poised to fill that void. DeSantis has raised concerns about the approach taken by the Biden administration regarding crypto enforcement actions. His comments sparked a discussion over how cryptocurrencies should be regulated and whether or not Central Bank Digital Currencies (CBDCs) should be adopted in the United States.
In his campaign announcement, DeSantis mentioned that Washington regulators are skeptical of crypto because they can’t control it but that it’s not a justification to kill it with regulation. And he said if people want to “do Bitcoin,” they should be able to “do Bitcoin.”
The crypto community seems to hold optimistic expectations for a pro-crypto government in contrast to the current administration. However, only time will reveal how these hopes will manifest in practical terms and shape the future of cryptocurrency regulation.