Florida candidate backs Bitcoin reserve, warns innovation could move offshore

U.S. Rep. Byron Donalds, a candidate for Florida governor, supports a government strategic Bitcoin reserve and warned that delays in regulation could push the digital asset, prediction market and related economic benefits offshore, according to Bitcoin.com. In an interview, Donalds said Florida intends to pursue a Bitcoin reserve. Donalds also said Donalds opposes central bank digital currencies, or CBDCs, citing concerns over surveillance of financial transactions, and plans to maintain Florida’s ban on CBDCs. Donalds also questioned whether Congress and regulators have the capacity to properly understand and oversee rapidly evolving financial markets, and stressed the need for a regulatory framework that takes both industry growth and consumer protection into account.