Presidential Candidates Ramaswamy and De Santis Criticize Crypto Regulations in Republican Debate
Summary:
In the recent Republican presidential debate, candidate Vivek Ramaswamy criticized the inability of regulatory bodies, including the SEC chair Gary Gensler, to effectively handle cryptocurrency. Ramaswamy and fellow pro-crypto candidate, Ron De Santis highlighted the need to revise outdated regulations and strongly opposed the implementation of a central bank digital currency (CBDC). Within the context of their campaigns, cryptocurrency regulation has become a key issue. Beyond the presidential race, the crypto topic is increasingly controversial, with Democratic Senator Elizabeth Warren recently launching a 'war on crypto'.
In the latest Republican presidential debate, candidate Vivek Ramaswamy voiced strong criticism towards SEC chair Gary Gensler and other regulatory agencies. Ramaswamy asserted that these bodies have been unable to effectively manage and understand cryptocurrency. During the fourth debate in the 2024 election cycle on December 7th, Ramaswamy denounced Gensler's inability to affirm before Congress that Ether (ETH), Ethereum's inherent currency, should be considered a commodity, terming it as 'an outright embarrassment'.
A question was posed to Ramaswamy regarding the recent admission of guilt from Binance CEO Changpeng “CZ” Zhao, and how he planned to tackle fraudulent actions within his crypto-friendly regulations. Ramaswamy remarked in response that deceptive activities have been a longstanding issue, pointing out the need for regulatory measures to evolve with current affairs. He cited the example of SBF's actions with FTX to indicate how the preset framework is ineffective.
During the debate, Ramaswamy also controversially suggested that the infamous Capitol riots on January 6 were an orchestration from within, and that the 'great replacement theory' is a core element of the Democratic Party's approach.
Ramaswamy's pro-crypto counterpart, Ron De Santis, took a stand against the introduction of a central bank digital currency (CBDC), emphasizing an imminent risk, which he claimed, Biden supports – the elimination of cash and crypto by a central bank digital currency that would regulate all purchases. As president, De Santis pledged to discard any notion of CBDCs on his very first day in office.
Ramaswamy is among a select group of presidential candidates who have placed cryptocurrency as a pivotal issue in their campaigns, and he alone among the Republicans has proposed a crypto policy structure. Former Democratic candidate Robert F. Kennedy also pinpointed crypto as a key platform, even suggesting the possibility of supporting the U.S. Dollar with Bitcoin.
Aside from the presidential race, cryptocurrency has emerged as a contentious topic recently in the United States. Democratic Senator Elizabeth Warren has unveiled a 'war on crypto' as a key component of her senate re-election campaign.
Published At
12/7/2023 8:43:27 AM
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