• Ron DeSantis, US Presidential hopeful has revealed plans to overhaul the economy.
• There are growing expectations that Bitcoin will form an integral part of his agenda.

In a bid to improve the financial status and well being of Americans, Florida governor and Republican presidential candidate Ron DeSantis has introduced a “Declaration of Economic Independence.” The proposal highlights some of the biggest financial challenges encountered by the nation and his proposed solutions for them. Some of the key areas identified in the document are taxes, equality, immigration and many others.

According to the politician, if he emerges as the winner of the 2024 elections, he plans on keeping taxes low, reducing inequality in the society, limiting illegal immigration and improving the standard of living of the people by making costs more affordable. In addition, DeSantis is keen on strengthening the banking sector in the United States by requiring “clear language disclosures of shadow banks to increase transparency and better track systemic risks.”

The U.S banking sector suffered a major setback earlier this year with series of regional bank implosions. Silvergate Bank and its Chief Executive Officer (CEO) Alan Lane were accused of aiding and abetting a fraudulent scheme orchestrated by Sam Bankman-Fried of the now-bankrupt cryptocurrency exchange FTX. This causes some of the bank’s customers including Coinbase, Paxos and Galaxy Digital to terminate their contracts with the bank.

Signature Bank and Silicon Valley Bank were equally caught in the financial institution crisis. SVB’s shares plummeted by 60% as customers began to initiate heavy withdrawals. 

DeSantis is looking to rejuvenate the financial industry after these mishaps. He already has his mind set on replacing Jerome Powell, chairman of the U.S. Federal Reserve. Per DeSantis’ agenda, Powell’s successor will be someone whose focus is “maintaining a stable dollar instead of the political pressures of the day.”

DeSantis Says No to CBDC

It is worth noting that the Republican politician is totally against the implementation of a Central Bank Digital Currency (CBDC) and he has vowed to prohibit the coming of a digital dollar if he becomes president of the United States. While he is known as a crypto enthusiast, DeSantis is more inclined towards Bitcoin (BTC). He once described the coin as a “threat to the current regime.”

For context, the presidential candidate explained that the current administration feels threatened by Bitcoin because they are unable to control the coin, owing to its decentralized nature. However, if the coin is flipped, BTC and other crypto assets will give people power and freedom over their financial aspects. They could explore the leading cryptocurrency by market capitalization as a form of payment as well as an investment commodity. 

DeSantis sees President Joe Biden as one of the biggest threats to Bitcoin and true to his claims, Biden has hardly made any direct impact on the nascent crypto industry since he came into office. He only mandated agencies to design comprehensive regulatory frameworks for the ecosystem which led to the introduction of the Executive Order.