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CBDC Ban Proponent Ron DeSantis Terminates US Presidential Race

The Republican presidential hopeful Ron DeSantis announced his decision to terminate presidential campaign on Sunday January 21. The 46th Governor of Florida, indicated that there exists no path to realize victory in the November election. 

The American politician elected Florida governor in 2019 pledged his support to the former President Donald Trump bid to challenge Democratic candidate Joe Biden. 

CBDC Ban Advocate Quits White House Race

The announcement to end the presidential campaign is a big relief for the crypto community given DeSantis’ advocacy for banning central bank digital currency (CBDC). The Florida governor explained the decision to withdraw from the White House as triggered by the absence of a clear path to secure victory.   

DeSantis endorsed Trump urging his supporters to channel their resources and time towards the former US President Trump. The move to suspend the campaign comes days after fellow contestant for the Republican flag bearer Vivek Ramaswammy pulled out of the race. 

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Ramaswamy emerged a crypto-friendly presidential hopeful who promised to introduce a policy framework. He ended the year-long campaign in a January 16 announcement to endorse the Republican frontrunner Donald Trump. 

DeSantis took to the X platform to convey the decision to pull out of the race in a four-minute announcement. The American politician who previously served as the 2013-18 representative for Florida’s 6th congressional district in the U.S. House of Representatives endorsed Trump.

DeSantis’ followers had anticipated him to support Trump’s bid despite the constant mockery from the Republican frontrunner. 

DeSantis Exits as Poll Numbers Decline

Trump questioned DeSantis’ expressions and footwear choice in an effort to degrade his rival as lacking the confidence desired of any conservative warrior. 

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The endorsement of Trump is unsurprising given the sharp decline in the national poll numbers over his campaign. The reduction in the poll by nearly half dented his candidacy contrasted to Trump who emerges the unsurprising front runner.  

DeSantis indicated the decision to end the campaign now a move political analysts consider as delayed. The analysts point to the brash promise of securing a win in Iowa proved empty. Besides, barely defeating Ms. Haley who cuts a moderate image proved DeSantis is unsuitable for the conservative Republicans. 

The decision to pour resources into the Lowa strangled DeSantis’ efforts within South Carolian and New Hampshire. The poll numbers cratered in the two states involved in the early nominations. 

DeSantis decision to end the presidential race arises from the loss of critical support from donors and voters implying the little conviction of sustaining campaigns to bear with inevitable defeats.  

DeSantis endorsed Trump acknowledging that the majority of the party’s primary voters desire to grant Donald Trump a chance to reclaim the President seat lost to Democratic candidate Joe Biden.  

DeSantis’ decision is attributed to the unforeseen loss during the Lowa primaries. The January 15 polls saw the Florida governor finish second trailing Trump by 21% margin of the primary votes. 

The Florida governor had officially unveiled his presidential bid in July 2023. In one of the subsequent campaign appearances, the governor vowed to prohibit the implementation of the digital dollar when elected. He vowed in an event hosted in Lowa to ensure the CBDC project never materializes in the US. 

Trump Promises to Ban CBDC

DeSantis endorsing Trump erodes the short lived excitement among the crypto community given that the Republican frontrunner recently expressed a similar stance to ban CBDC. 

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Trump declared in Portsmouth in his recent campaigns at New Hampshire to never allow the creation of CBDC by the US Federal Reserve. CBDC involves a digital version of the country’s fiat currency. 

Unlike the decentralized cryptos that run autonomously of authority control, CBDCs are centralized in nature. Besides, CBDC’s are supported by the country’s central bank.  

Despite the criticism portrayed by DeSantis and Trump, CBDCs are proving capable of improving payment efficiency while expanding financial inclusion. 

The advocates for CBDC ban allege that CBDCs could facilitate the infringing one’s privacy. Also, CBDCs reincarnate centralization shortcomings where the governments could exercise excessive control over the citizens. 

The latest development dents hopes of CBDC projects in the US at a time when over 100 countries are conducting research on the technology. Also, closer to 40 countries have confirmed piloting and executing the proof-of-concept.  


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Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

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