First Republican presidential debate to feature pro-crypto candidates
Candidates for the Republican nomination for the 2024 United States presidential election who have publicly expressed their support or disdain for certain crypto-related policies will be meeting for a debate for the first time.
At the time of publication, eight presidential candidates with the Republican Party are expected to appear in Milwaukee on Aug. 23 in the party’s first debate ahead of the 2024 election season. Former U.S. Presidential Donald Trump, the party frontrunner currently facing multiple criminal indictments related to his alleged role in attempting to overturn the results of the 2020 election and other crimes, has publicly stated he will not be appearing with the other candidates.
The Aug. 23 event will be the first time many of the Republican candidates have been in the same room amid political campaigns which may have targeted their rivals. Though it’s unclear if cryptocurrencies and blockchain will be mentioned at the debate, some of the candidates have explicitly mentioned plans to include the technology in policies should they win the party nomination and the presidential election.
Florida Governor Ron DeSantis, who is trailing in the double digits behind Trump according to several polls, will be the leading candidate among the eight contenders. In July, the Florida Governor promised to ban central bank digital currencies (CBDC) in the U.S. should he be elected president, citing concerns with giving the government authority over consumer payments. He previously signed a bill aimed at largely prohibiting the use of a federally-issued digital dollar in Florida.
Vivek Ramaswamy, who at 38 years old is the youngest candidate in the running, has advocated for the 2024 election to be a “referendum on fiat currency”. He spoke at the Bitcoin 2023 in Miami to announce his campaign would be accepting Bitcoin (BTC) donations, later receiving praise from X CEO Elon Musk as a “promising” candidate.
Miami Mayor Francis Suarez, who gained popularity in the space for promoting pro-crypto policies in his city, entered the presidential race in June. During his time as mayor, he announced he would accept certain paychecks in BTC and was involved in the MiamiCoin token project for Miami residents.
Suarez said in a now-deleted X on Aug. 18 he had qualified to appear at the Republican debate. However, this claim was contradicted by GOP officials on Aug. 21 following an announcement regarding the debate participant list — eight names, with Suarez not among them.
Other candidates appearing on Aug. 23 will include North Dakota Governor Doug Burgum, South Carolina Senator Tim Scott, former United Nations ambassador Nikki Haley, former U.S. Vice President Mike Pence, former New Jersey Governor Chris Christie, and former Arkansas Governor Asa Hutchinson. Robert F. Kennedy Jr., another presidential candidate who has expressed pro-crypto views and purchased BTC for his children, is running as a Democrat and will not speak in Milwaukee.
Related: Democrats’ ‘war on crypto’ will lose its key voters — Winklevoss twins
The 2024 elections in the United States could change the way the government addresses digital asset policies, with a party shakeup possible in the House of Representatives, Senate, and White House. Republicans currently hold a majority in the House, but all 435 seats will be up for election in November 2024. In the Senate, where Democrats have a slim majority, 33 seats out of 100 will be up for grabs.
In July, Republican lawmakers with the House Financial Services Committee passed through two bills aimed at establishing regulatory clarity for crypto firms. The legislation has not been scheduled for a full House vote at the time of publication, but partisan delays could push the bills into the next session of Congress.
Magazine: Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’
Panama’s capital city will accept cryptocurrency payments for taxes and municipal fees, including bus tickets and permits, Panama City mayor Mayer Mizrachi announced on April 15, joining a growing list of jurisdictions globally that have voted to accept such payments.
Panama City will begin accepting Bitcoin (BTC), Ether (ETH), Circle’s USDC (USDC), and Tether’s USDt (USDT) stablecoin for payment once the crypto-to-fiat payment rails are established, Mizrachi posted on the X platform.
Mizrachi said previous administrations attempted to push through similar legislation but failed to overcome stipulations requiring the local government to accept funds denominated in US dollars.
In a translated statement, the Panama City mayor said that the local government partnered with a bank that will immediately convert any digital assets received into US dollars, allowing the municipality to accept crypto without introducing new legislation.
Panama City joins a growing list of global jurisdictions on the municipal and state level accepting cryptocurrency payments for taxes, exploring Bitcoin strategic reserves to protect public treasuries from inflation and passing pro-crypto policies to attract investment.
Related: New York bill proposes legalizing Bitcoin, crypto for state payments
Municipalities and states embrace digital assets
Several municipalities and territories around the globe already accept crypto for tax payments or are exploring various implementations of blockchain technology for government spending.
The US state of Colorado started accepting crypto payments for taxes in September 2022. Much like Panama City said it will do, Colorado immediately converts the crypto to fiat.
In December 2023, the city of Lugano, Switzerland, announced taxes and city fees could be paid in Bitcoin, which was one of the developments that earned it the reputation of being a globally recognized Bitcoin city.
The city council of Vancouver, Canada, passed a motion to become “Bitcoin-friendly city” in December 2024. As part of that motion, the Vancouver local government will explore integrating BTC into the financial system, including tax payments.
North Carolina lawmaker Neal Jackson introduced legislation titled “The North Carolina Digital Asset Freedom Act” on April 10. If passed, the bill will recognize cryptocurrencies as an official form of payment that can be used to pay taxes.
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As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell.
In an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that “could have wide appeal” following a difficult “wave of failures and frauds,” he said.
Powell delivers remarks at the Economic Club of Chicago. Source: Bloomberg Television
During crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed “worked with Congress to try to get a […] legal framework for stablecoins, which would have been a nice place to start,” said Powell. “We were not successful.”
“I think that the climate is changing and you’re moving into more mainstreaming of that whole sector, so Congress is again looking […] at a legal framework for stablecoins,” he said.
“Depending on what’s in it, that’s a good idea. We need that. There isn’t one now,” said Powell.
This isn’t the first time Powell acknowledged the need for stablecoin legislation. In June 2023, the Fed boss told the House Financial Services Committee that stablecoins were “a form of money” that requires “robust” federal oversight.
Related: Stablecoins are the best way to ensure US dollar dominance — Web3 CEO
Support for stablecoin legislation is growing
The election of US President Donald Trump has ushered in a new era of pro-crypto appointments and policy shifts that could make America a digital asset superpower.
Washington’s formal embrace of cryptocurrency began earlier this year when Trump established the President’s Council of Advisers on Digital Assets, with Bo Hines as the executive director.
Hines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration. After the Senate Banking Committee passed the GENIUS Act, a final stablecoin bill could arrive at the president’s desk “in the next two months,” said Hines.
Bo Hines (right) speaks of “imminent” stablecoin legislation at the Digital Asset Summit on March 18. Source: Cointelegraph
Stablecoins pegged to the US dollar are by far the most popular tokens used for remittances and cryptocurrency trading.
The combined value of all stablecoins is currently $227 billion, according to RWA.xyz. The dollar-pegged USDC (USDC) and USDt (USDT) account for more than 88% of the total market.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
An appellate court has granted a joint request from Ripple Labs and the Securities and Exchange Commission (SEC) to pause an appeal in a 2020 SEC case against Ripple amid settlement negotiations.
In an April 16 filing in the US Court of Appeals for the Second Circuit, the court approved a joint SEC-Ripple motion to hold the appeal in abeyance — temporarily pausing the case — for 60 days. As part of the order, the SEC is expected to file a status report by June 15.
The SEC’s case against Ripple and its executives, filed in December 2020, was expected to begin winding down after Ripple CEO Brad Garlinghouse announced on March 19 that the commission would be dropping its appeal against the blockchain firm. A federal court found Ripple liable for $125 million in an August ruling, resulting in both the SEC and blockchain firm filing an appeal and cross-appeal, respectively.
However, once US President Donald Trump took office and leadership of the SEC moved from former chair Gary Gensler to acting chair Mark Uyeda, the commission began dropping multiple enforcement cases against crypto firms in a seeming political shift. Ripple pledged $5 million in XRP to Trump’s inauguration fund, and Garlinghouse and chief legal officer Stuart Alderoty attended events supporting the US president.
Related: SEC dropping Ripple case is ‘final exclamation mark’ that XRP is not a security — John Deaton
Despite support for the end of the case coming from both Ripple and the SEC, the August 2024 judgment and appellate cases leave some legal entanglements. Alderoty said in March that Ripple would drop its cross-appeal with the SEC and receive a roughly $75 million refund from the lower court judgment. It’s unclear what else may result from negotiations over a settlement in appellate court.
New leadership at SEC incoming
Acting chair Uyeda is expected to step down following the US Senate confirming Paul Atkins as SEC chair on April 9.
During his confirmation hearings, lawmakers questioned Atkins about his ties to crypto, which could create conflicts of interest in his role regulating the industry. In financial disclosures, Atkins stated he had millions of dollars in assets through stakes in crypto firms, including Securitize, Pontoro and Patomak.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
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