Re-elected Biden Administration Can’t Kill Bitcoin, Pro-XRP Attorney Says

Godfrey Benjamin
May 26, 2023
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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.”

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.

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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.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.