Share this article
CBDC-Hating, Bitcoin-Friendly Presidential Candidate Francis Suarez Drops Out of Race
Suarez previously said his campaign will accept bitcoin donations and said he would ban a central bank digital currency (CBDC), if elected.
Updated Aug 29, 2023, 7:02 p.m. Published Aug 29, 2023, 6:28 p.m.
Bitcoin-friendly Miami Mayor Francis Suarez said on social media platform X (formerly known as Twitter) that he will be dropping out of the presidential race.
"While I have decided to suspend my campaign for President, my commitment to making this a better nation for every American remains," Suarez said in a tweet on Tuesday.
STORY CONTINUES BELOW
Suarez, who was critical of the Biden administration's handling of crypto, said previously that his campaign will be accepting bitcoin as a donation, which he called "a process of developing technologies that will create democratizing opportunities for wealth creation." He also said he would ban a central bank digital currency (CBDC), citing privacy concerns.
The former presidential candidate has experimented with the crypto technology in multiple areas, including accepting his salary in bitcoin. He also rolled out MiamiCoin (MIA) in 2021 with the hope to someday use the token to pay a recurring bitcoin stimulus to Miami citizens, similar to a dividend paid to company shareholders. However, the project struggled to gain traction and trading was eventually suspended on at least one of the crypto exchanges due to low liquidity.
Suarez, a Republican, announced his candidacy for president in June, entering a crowded race for the GOP nomination that includes front-runners former President Donald Trump and Florida Gov. Ron DeSantis.
Despite stepping out from the presidential race, Suarez said he will continue to help other Republican candidates to put forward a nominee.
"I look forward to keeping in touch with the other Republican presidential candidates and doing what I can to make sure our party puts forward a strong nominee who can inspire and unify the country, renew Americans’ trust in our institutions and in each other, and win," he concluded.
Read more: After GOP Debate, Blockchain Bettors See Ramaswamy as Most Formidable Trump Challenger
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
U.S. bipartisan lawmakers draw up tax bill with stablecoin and staking relief
New House proposal would exempt some stablecoin payments from capital gains taxes and allow stakers to defer income recognition for up to five years.
What to know:
- A bipartisan bill in the U.S. House aims to modernize tax rules for digital assets, addressing issues like excessive taxation and tax abuse.
- The PARITY Act proposes tax exemptions for stablecoins, deferral options for staking rewards, and aligns digital assets with traditional securities.
- The bill includes measures to prevent tax loss harvesting in crypto and offers tax benefits to foreign investors trading through U.S. brokers.
Top Stories
