Crypto Advocates End Presidential Bids; Anti-CBDC Bills Rise, EU and Canada Revisit Crypto Policies
Summary:
Two pro-crypto U.S. presidential candidates, Vivek Ramaswamy and Florida Governor Ron DeSantis, end their campaigns, pledging support for former President Donald Trump. Anti-CBDC bills have been proposed in several U.S. states, potentially hindering their national rollout. The European Banking Authority has extended its Anti-Money Laundering and Counter-Terrorist Financing guidelines to European crypto firms. Lastly, the Canadian Securities Administrators have suggested regulatory changes for how public investment funds manage crypto assets.
Two US presidential candidates known for their pro-crypto stance have officially quit their campaigns, as reported by Cointelegraph recently. Presidential hopeful Vivek Ramaswamy, who had a thorough crypto policy outlined in his agenda, conceded his loss and lent his support to former President Donald Trump for the upcoming elections, emphasizing his belief in the necessity of a candidate prioritizing America. Though initially relatively unknown, Ramaswamy gained traction within the crypto circle thanks to his progressive views on Bitcoin (BTC) and other digital assets. Ron DeSantis, also a vocal critic of Central Bank Digital Currencies (CBDCs) and the Governor of Florida, stepped back from his presidential pursuit after falling behind Trump by 21% in the Iowa caucuses for the Republican Party nomination. Upon entering the race, DeSantis pledged to prohibit any version of a digital dollar if he were elected. Having publicly advocated for cryptocurrencies since 2021, he introduced a proposal to accept crypto as a mode of payment for state fees in the financial year of 2022 to 2023. Trump, whose road to victory in the Republican primaries seems likely, has embraced at least one critical concern raised by his competitors regarding crypto. During a rally in Portsmouth, New Hampshire, Trump committed to obstructing any attempt by the U.S. Federal Reserve to launch a CBDC, arguing this would grant the government absolute control over citizens' money. Yet, Trump had earlier expressed his dislike for cryptocurrencies and Bitcoin, doubting their value. Meanwhile, bills that would prevent CBDCs from being considered legal tender have been proposed in Utah, South Carolina, South Dakota and Tennessee. These bills could potentially pose significant obstacles for CBDCs in the US. A similar law came into effect in Florida in May 2023, prohibiting foreign CBDCs and urging other states to implement comparative bans. In international news, the European Union's Anti-Money Laundering and Counter-Terrorist Financing guidelines have been expanded to European crypto firms, courtesy of a decision by the European Banking Authority. The revamped guidelines aim to assist crypto service providers in assessing their financial crime vulnerability based on their customer base, offered products, distribution channels and geographic scope. The guidelines also offer advice on how crypto firms can enhance their crime deterrence frameworks, which can include employing blockchain analysis tools. Finally, the Canadian Securities Administrators proposed regulatory amendments on how public investment funds should handle crypto assets. If approved, the amendments would impose limitations on the dealings of public investments funds in the crypto realm and define custodianship standards. The proposed changes would restrict alternative and non-redeemable investment funds to direct trading of crypto assets, while mutual funds could gain crypto exposure by investing in these funds. Further, the crypto assets would be required to be listed on an exchange recognized by Canadian regulatory authority and would need to be interchangeable.
Published At
1/22/2024 11:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.