In a campaign speech, former President of the United States and current presidential candidate Donald Trump made a resounding promise to the American people.
He vowed to “never allow” the Federal Reserve to create a Central Bank Digital Currency (CBDC) in the United States, citing concerns about government control and potential threats to individual freedom.
Trump’s pledge to protect Americans from government tyranny
Addressing a crowd in Portsmouth, New Hampshire, Trump declared, “Tonight I’m making another promise to protect Americans from government tyranny.” He emphasized his stance on CBDCs, stating firmly, “I will never allow the creation of a Central Bank Digital Currency.” His declaration was met with enthusiastic applause from his supporters.
Trump expressed his concerns about the implications of a CBDC, particularly highlighting the risk of the federal government gaining absolute control over individuals’ financial assets.
He argued that such a currency could allow the government to access people’s money without their knowledge, describing it as a “dangerous threat to freedom.”
The 2024 presidential race heats up
Donald Trump, who previously sought to overturn the results of the 2020 presidential election, officially announced his candidacy for the 2024 presidential election in November 2022.
The 60th quadrennial U.S. presidential election is scheduled for November 5, 2024, and Trump’s declaration regarding CBDCs adds another layer to the ongoing political discourse.
This move by Trump aligns with his history of advocating for limited government intervention in the economy and maintaining individual liberties, a position that resonates with many of his supporters.
Ron DeSantis echoes Trump’s stance on CBDCs
Notably, Florida Governor and Republican presidential candidate Ron DeSantis previously made a similar promise, pledging to “nix” central bank digital currencies on his first day as president. DeSantis, seen as a potential rival to Trump in the Republican primaries, has consistently trailed behind Trump in polls by more than 10 points since announcing his campaign.
The impact of crypto on the 2024 presidential election
The crypto movement continues to gain attention in the realm of U.S. politics. Former Securities and Exchange Commission enforcer John Reed Stark suggested that the crypto industry could play a pivotal role in the 2024 presidential election.
Stark proposed that “every presidential contender should immediately appoint an internal Crypto Czar to serve as the crypto-focal point and crypto-spokesperson for that candidate.”
As the presidential race unfolds, it is evident that digital currencies and blockchain technology are becoming central topics in the political landscape.
Both Trump’s and DeSantis’s opposition to a CBDC reflects a broader discussion about the role of government in financial innovation and individual financial autonomy.