In the recent Republican Party presidential debate on November 6, United States presidential hopeful Vivek Ramaswamy took a strong stance against Securities and Exchange Commission (SEC) Chair Gary Gensler and other regulatory agencies, commonly referred to as the “three-letter agencies,” for their perceived failure to keep pace with the rapidly evolving world of cryptocurrency.
Ramaswamy didn’t mince words when he criticized Gensler for his inability to acknowledge before Congress that Ethereum’s native currency, Ether, should be categorized as a commodity.
He deemed this reluctance by regulators as “nothing short of embarrassing.”
This debate question came in the wake of Binance CEO Changpeng “CZ” Zhao’s recent guilty plea, which raised concerns about the ability of regulators to address fraudulent activities in the crypto space.
In response to the question about preventing fraud, Ramaswamy emphasized the urgent need for regulatory reform in the crypto industry.
He pointed out that fraudsters, criminals, and terrorists have exploited regulatory gaps for an extended period and stressed that current regulations must adapt to the evolving landscape.
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Following Ramaswamy’s remarks, fellow pro-crypto candidate Ron DeSantis chimed in, expressing his strong opposition to the implementation of a central bank digital currency (CBDC).
DeSantis argued that a CBDC would lead to excessive government control, surveillance, and the elimination of cash and decentralized cryptocurrencies. He vowed to discard the idea of CBDCs on his first day as president.
Ramaswamy is among the few presidential candidates who have made cryptocurrency a central theme of their campaigns. He stands out as the sole Republican candidate who has unveiled a comprehensive crypto policy framework.
Meanwhile, former Democratic Party candidate Robert F. Kennedy Jr. has also made cryptocurrency a pivotal aspect of his campaign, even suggesting that he would support backing the U.S. dollar with Bitcoin if elected.
Beyond the presidential race, cryptocurrency has emerged as a contentious issue in the United States.
Democratic Senator Elizabeth Warren, as part of her senate reelection campaign, has declared a “war on crypto,” further underscoring the ongoing debate surrounding cryptocurrency regulation and its implications for the nation’s financial landscape.
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