Two U.S. presidential candidates known for their crypto-friendly stances have officially withdrawn from the race. Vivek Ramaswamy, who gained attention for his detailed cryptographic framework, has conceded and is now supporting former President Donald Trump, stating that the race needs an "America First" candidate. Ramaswamy, previously relatively unknown in the presidential race, garnered support in the crypto community for his outspoken Bitcoin policy proposals.
Another crypto-friendly candidate, Florida Governor Ron DeSantis, has also dropped out of the White House race after losing to Trump in the Iowa Republican nomination primary by 21%. DeSantis, who vowed to ban a potential digital dollar if elected, has been supportive of cryptocurrencies since 2021. Trump's victory in the Republican primary appears likely, as he secured at least one critical endorsement from his rival. During a campaign speech, Trump pledged to "never allow" the Federal Reserve to create a central bank digital currency (CBDC), expressing concerns about government control over money.
Several U.S. states, including Utah, South Carolina, South Dakota, and Tennessee, have introduced bills opposing CBDCs. These bills aim to exclude CBDCs from the definition of currency and could create hurdles for CBDC development in the United States. Similar legislation was signed into law in Florida in May 2023, which also bans the use of CBDCs issued by foreign governments and encourages other states to enact similar bans.
In the European Union, the Anti-Money Laundering and Counter-Terrorism Financing Guidelines have been extended to cover European cryptocurrency companies. The revised guidance helps crypto service providers identify financial crime risks associated with customers, products, delivery channels, and geographic locations. It also outlines measures, including the use of blockchain analytics tools, to combat financial crime. Meanwhile, Canadian securities regulators have proposed changes to regulations governing public investment funds and their handling of crypto assets. The amendments would restrict direct involvement in cryptocurrencies to alternative and non-redeemable investment funds, with other mutual funds only allowed to invest in these funds to gain crypto exposure.
