In a striking statement today, a prominent lawyer known for his fervent advocacy of Ripple’s digital currency, XRP, insisted that the re-elected Biden administration does not have the power to “kill” Bitcoin. John E. Deaton, a prominent pro-XRP lawyer, sparked conversation this week with a provocative assertion: A potential second term for President Biden has no bearing on Bitcoin’s indomitable nature.
Deaton’s Bold Claim: Biden and Bitcoin
In a public reply To a Forbes article, well-known pro-XRP lawyer and crypto supporter John E. Deaton pointed out that even if President Biden were to win a second term in the 2024 US presidential election, it would not mean the end of Bitcoin (BTC), the largest and most important cryptocurrency.
Deaton shared his thoughts on Twitter, contradicting a claim by Florida Governor and presidential candidate Ron DeSantis, who suggested that “the current regime clearly has a grudge against Bitcoin.”
Florida Governor Ron DeSantis during his presidential candidacy statement on Twitter strongly emphasized the importance of cryptocurrency as a central political topic. “The current regime appears to be against Bitcoin,” DeSantis said, “and if it persists for the next four years, it could indeed lead to its demise.”
Deaton, on the other hand, interprets DeSantis’ comments as politically motivated, aimed at currying favor and attracting financial support from the Bitcoin community. His view might be rooted in the understanding that Bitcoin’s growing popularity and market value has positioned it as a formidable player in finance and technology. Therefore, it could be beneficial for politicians to affiliate with this booming sector.
Additionally, Deaton highlights the critical importance for politicians to understand the core technology that powers cryptocurrencies like Bitcoin. Such an understanding is essential if they are to write informed policies and regulations regarding this rapidly changing industry. Without a solid understanding of the technology, the task of creating meaningful legislation or understanding the long-term opportunities and risks associated with cryptocurrencies becomes much more difficult.
Friendly DeSantis Opinions on Crypto
Florida Governor Ron DeSantis has always championed the importance of nurturing creativity and pushing the boundaries of technological advancements in finance. This includes exciting sectors like cryptocurrencies and the underlying blockchain technology. DeSantis recognizes the vast economic potential that digital assets bring to the table and has articulated his goal of cultivating a business environment conducive to the growth and success of the Bitcoin industry.
In the Governor’s opinion, money, as a medium of exchange, wields considerable influence. Any innovative development that has the potential to disrupt entrenched power dynamics inevitably attracts attention, sparking heated debates in political circles.
DeSantis went further by outlining the core philosophy of Bitcoin, which serves as a decentralized counterpoint to traditional and centralized currencies. This inherent characteristic of Bitcoin challenges the status quo of existing political and economic frameworks, inevitably prompting a range of reactions and interpretations among political leaders.
