Legal
While commenting on a Forbes article, John E. Deaton, a pro-XRP attorney and vocal advocate for crypto, asserted that any potential re-election of the Biden administration in the 2024 US Presidential election cannot kill Bitcoin (BTC), the largest and most prominent crypto.
Deaton wrote the comment on Twitter in response to a statement made by Ron DeSantis, Florida’s Governor, and Presidential Candidate, which highlighted that “the current regime clearly has it out for Bitcoin.”
“If the ideological alliance between Torres, Kennedy, and DeSantis tells us anything, it’s that Bitcoin makes strange bedfellows.”
– @SamLyman33Great article by Sam. But DeSantis is wrong. If Biden is re-elected his administration can’t kill #Bitcoin https://t.co/OXWpttjPll
— John E Deaton (@JohnEDeaton1) May 26, 2023
In a Forbes article, Governor DeSantis emphasized that the Biden administration will likely kill the technology if it continues with its current policies for Bitcoin.
Deaton, however, believes DeSantis’ statement is political and intended to garner support and donations from the Bitcoin community. His opinion may stem from the fact that the rising popularity and value of Bitcoin have made it an influential force in the financial and technological landscape, and politicians may recognize the benefits of aligning themselves with this emerging industry.
Furthermore, Deaton noted that the understanding of the underlying technology of cryptocurrencies, such as Bitcoin, is indeed crucial for politicians who wish to make informed decisions and policies regarding this emerging sector. This is because, without a solid understanding, it becomes challenging to develop effective regulations or grasp the long-term potential and risks associated with cryptocurrencies.
Meanwhile, Deaton’s comments come shortly after he called out the SEC and issued an open challenge to the regulator per its ongoing case with Ripple.
DeSantis Pledges Support for Bitcoin and Crypto
DeSantis has emphasized the importance of fostering innovation and technological advancements in the financial sector, including cryptocurrencies and blockchain technology. He has acknowledged the business prospects offered by digital assets and stated his goal to foster a climate that will enable the Bitcoin industry to prosper.
He highlighted that money holds significant power, and any innovation that challenges established power structures is bound to attract attention and generate political discussions.
According to him, the fundamental premise of Bitcoin, which is aimed at offering a decentralized alternative to traditional currencies, directly challenges the existing political and economic systems, leading to differing views and responses from politicians.
