In a recent twist of political discourse, US Republican presidential candidate Vivek Ramaswamy has fired a salvo at the Securities and Exchange Commission (SEC), lambasting its current regulatory stance on cryptocurrencies. The critique unfolded during the fourth Republican presidential debate at the University of Tuscaloosa, where Ramaswamy seized the opportunity to express his unwavering support for the crypto industry.
Ramaswamy’s Critique and Advocacy: Responding to a question posed by Eliana Johnson of the Washington Free Beacon regarding the guilty plea of Changpeng “CZ” Zhao, former CEO of Binance, Ramaswamy highlighted the urgency for regulatory reforms. He emphasized that the existing framework is failing to keep pace with the rapidly evolving crypto landscape, citing instances such as the exploits of SBF at FTX.
“Faudsters, criminals, and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current moment. The fact that SBF was able to do what he did at FTX shows that whatever they have is the current framework isn’t working,” remarked Ramaswamy during the debate.
Call-Out to SEC Chair Gary Gensler: Ramaswamy did not spare SEC Chair Gary Gensler from his critique, specifically pointing to Gensler’s failure to clearly classify Ethereum before Congress. He deemed it “embarrassing” that the SEC leader could not definitively state whether Ethereum falls under regulated security, citing it as an example of an administrative state overreach.
“I think that this is just another example of the administrative state gone too far,” Ramaswamy asserted during the debate.
DeSantis’ Opposition to CBDC: The debate also witnessed Florida Governor Ron DeSantis vocalizing his strong opposition to Central Bank Digital Currency (CBDC). DeSantis positioned President Biden’s support for CBDC as a direct threat to financial and personal freedoms, including privacy and unregulated purchasing power.
“On day one as President, we take the idea of central bank digital currency, and we throw it in the trash can. It’ll be dead on arrival,” declared DeSantis during the event.
Crypto as a Campaign Pillar: Ramaswamy’s critique aligns with his recently unveiled cryptocurrency plan, aimed at reducing SEC control and government intervention in the crypto sphere. Proposing to replace key SEC officials, Ramaswamy envisions fostering an environment conducive to the flourishing of cryptocurrencies as commodities.
“The policy I released today will guarantee a vibrant future for crypto to ensure economic freedom for Americans seeking an alternative to centralized finance,” affirmed Ramaswamy.
Market Response and Future Implications: As the political landscape intertwines with the crypto sphere, the market has responded favorably to such pro-crypto sentiments. Bitcoin’s surge past $41,000, marking a 150% rise this year, indicates a potential shift in the crypto narrative, with politicians like Ramaswamy positioning themselves as advocates for a vibrant and less regulated crypto future.
