• Politicians are beginning to discuss Bitcoin, Crypto and CBDCs as the 2024 U.S. election cycle approaches
• Sen. Elizabeth Warren recently vowed to raise an “anti-crypto” army
• Gov. Ron DeSantis and Sen. Ted Cruz have both proposed legislation on cryptos
Politicization of Cryptocurrency
As the 2024 U.S. election cycle approaches, politicians are increasingly discussing bitcoin, crypto, and Central Bank Digital Currencies (CBDCs). Republican Florida Governor Ron DeSantis announced legislation prohibiting the use of a federally controlled CBDC in his state, while Republican Senator Ted Cruz introduced legislation to prohibit the Federal Reserve from developing a direct-to-consumer CBDC that could be used as a surveillance tool by the federal government with two other Republican co-sponsors. Additionally, Democratic senator Elizabeth Warren has vowed to create an “anti-crypto army” in her campaign account. These events indicate that cryptocurrency is becoming politicized within US politics.
DeSantis & Cruz’s Legislation
Gov. Ron DeSantis’ proposed legislation seeks to protect Floridians from what he sees as potential weaponization of the financial sector by the Biden administration through a CBDC, claiming it is about “surveillance and control”. Meanwhile, Sen Cruz’s proposed legislation is focused on preserving financial privacy by prohibiting the Federal Reserve from creating its own digital currency for consumer use that could potentially be used for surveillance purposes by the federal government.
The Implications Of Politicizing Cryptocurrency
Cryptocurrency being politicized implies that more politicians will likely bring up this topic during their campaigns as they vie for votes during next year’s elections cycle in America. It also suggests that these politicians may be looking to manipulate public opinion when it comes to digital currencies in order to score political points or push certain agendas associated with them such as privacy or surveillance issues. Furthermore, this could lead to varying regulations across different states if these pieces of legislation become law due to differences between political parties at a state level which could ultimately affect how cryptocurrencies are used in those regions depending on who holds office there at any given time..
Sen Warren’s “Anti-Crypto Army”
In addition to proposing legislation against cryptocurrency usage in their respective states, some politicians have taken further action against cryptos such as Massachusetts Senator Elizabeth Warren who has promised she would build an “anti-crypto army”. While no more details were provided regarding what this entails exactly it indicates another way politicians may attempt oppose cryptocurrencies either directly or indirectly throughout their campaigns over coming months and years leading up until 2024 elections in America .
Conclusion
Overall it appears that crypto is becoming increasingly politicized which means we can expect politicians to start talking about digital currencies more frequently during their campaigns leading up until 2024 elections season in America . This can lead both positive and negative implications for cryptocurrencies depending on who gets elected but ultimately these events show just how much attention digital currencies are garnering within US politics nowdays .