US elections are around the corner and the process of nominations for presidential elections has already begun. There are various important aspects and issues on which political parties are aiming to campaign for. These important issues include soaring inflation, a tumultuous situation in Asia, rising China and a high unemployment ratio.
Other internal issues may seem minor but play a crucial role in election dynamics, these include the rigorous control by the federal government that is causing impediments in the development of cryptocurrencies in the state. It is highlighted by crypto miners and other people involved in trading and related aspects such as regulation can cause potential harm to the US economy.
It is important to note that there is a clash of ideologies that is the major reason for hurdles in the development and extending the reach of cryptocurrencies. There are two party systems including the Democrats and the Republicans, where the former has an anti-crypto stance, and the latter is working on the implementation of new laws in the ruling state to eliminate taxes. For example, the Republican state of Montana recently passed a new law supporting crypto miners.
As the presidential elections are in 2024, the candidates have started accepting funds for their campaigns, and various candidates have announced to accept cryptocurrencies. Amid this, Francis X. Suarez, the American lawyer and 43rd mayor of Miami, Florida, is running for president of the United States after filing with the Federal Election Commission. Suarez hinted at the news last Sunday during an appearance on Fox News.
Bitcoin-friendly Miami Mayor Francis Suarez has filed paperwork with the Federal Election Commission to run for President. Suarez, who vowed to make the city a Bitcoin hub and has accepted his salary in Bitcoin, joins a growing Republican field seeking to unseat President Joe Biden in the 2024 election. He faces an uphill struggle to build national name recognition among several high-profile candidates who have already announced their candidacies, including former President Donald Trump and Florida Governor Ron DeSantis. Miami has elected Suarez twice.
Miami Mayor Suarez, who calls himself a “unifier,” is running on a record of attracting tech businesses to Florida, reducing crime and capturing the Hispanic vote; he argues that he can help the party chart a positive path forward and appeal to moderates with his focus on climate change. He is the first Hispanic candidate to enter the Republican primary field this cycle.
He has become well known for attracting technology investors to Miami. He previously met with PayPal co-founder Peter Thiel and has publicly courted Tesla CEO Elon Musk. He has also been a strong supporter of cryptocurrency, aiming to make the city a hub for digital currency. He argues that Miami can be a “prototype” for the country.
Suarez recently came under fire after a Miami Herald investigation alleged that he helped a development company that pays him $10,000 a month to navigate permit issues. The county’s Commission on Ethics and Public Trust has begun investigating the matter, as reported. A spokesperson for Suarez has vehemently denied the allegations.
He has also hosted Bitcoin conferences and started heavily promoting a cryptocurrency project named Miami Coin, created by a group called City Coins. But the hype dissipated as virus restrictions eased elsewhere, eliminating Miami’s advantage on the COVID-19 front. Suarez’s vision also hit roadblocks with the collapse of the cryptocurrency exchange FTX, which was set to move its U.S. headquarters to Miami’s financial district before its founder and CEO Sam Bankman-Fried was arrested in the Bahamas last December.
The only cryptocurrency exchange that traded Miami Coin suspended its trading, citing liquidity problems, and not living up to its promise to generate enough money to eliminate city taxes.