During the recent Republican Party presidential debate on November 6, U.S. presidential candidate Vivek Ramaswamy voiced strong criticism. He specifically targeted Securities and Exchange Commission (SEC) Chair Gary Gensler and other regulatory “three-letter agencies.”
Ramaswamy expressed his perception that these agencies have failed to keep pace with developments in the cryptocurrency space.
Ramaswamy expressed his discontent with Gensler’s stance during a congressional session. Specifically, he criticized Gensler’s failure to acknowledge that Ethereum’s native currency, Ether (ETH), should be classified as a commodity. He labeled this failure as “nothing short of embarrassing.”
Ramaswamy Critiques Three-Letter Agencies in GOP Debate on Crypto Regulation
In response to a question about preventing fraud in the crypto space, posed in light of the recent guilty plea by Binance CEO Changpeng “CZ” Zhao, Ramaswamy emphasized the necessity for regulatory frameworks to adapt to the evolving landscape.
He pointed out that the current regulatory framework allowed individuals like SBF to carry out actions similar to those witnessed at FTX, highlighting its inadequacy.
Addressing concerns about the potential introduction of a central bank digital currency (CBDC), Ramaswamy opposed the idea, stating that, if elected, he would discard the notion of CBDCs on the first day of his presidency.
He expressed skepticism about such initiatives, asserting that they align with President Biden’s desire to eliminate both cash and cryptocurrencies, predicting heightened regulation on individual purchases.
Ramaswamy Stands Out with Crypto-Centric Campaign Amid Broader Political Trend
Vivek Ramaswamy stands out as one of the few presidential candidates incorporating cryptocurrency as a central theme in their campaigns.
Notably, he is the sole Republican candidate to present a comprehensive crypto policy framework. This focus on crypto in political campaigns extends beyond party lines, with former Democratic Party candidate Robert F. Kennedy Jr. making crypto a central element of his campaign, even suggesting backing the U.S. dollar with Bitcoin if elected.
Crypto has become a contentious issue in U.S. politics, with Democratic Senator Elizabeth Warren declaring a “war on crypto” as part of her Senate reelection campaign. These positions underscore the growing significance of cryptocurrency in political discourse, transcending party affiliations.
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