The US GOP presidential candidate criticized Gensler and the ‘three letter agencies’
US presidential hopeful Vivek Ramaswamy came down hard on Securities and Exchange Commission (SEC) Chairman Gary Gensler and other “three-letter agencies” during the November 6 Republican presidential debate, saying regulators have failed to keep pace with crypto.
Gensler failed to admit before Congress that Ethereum's currency, Ether (ETH), should be considered a commodity, Ramaswamy said, adding that it is “nothing but shameful.”
@VivekGramaswamy and @RonDeSantis talk crypto in GOP primary debate pic.twitter.com/mQEPAmhfT5
— Taylor Barr (@taylorjbarr) December 7, 2023
The inquiry against Ramaswamy referenced Binance CEO Changpeng “CZ” Zhao's recent guilty plea and asked how its crypto-friendly policies keep fraudsters off the hook.
“Fraudsters, criminals and terrorists have been defrauding people for a long time,” Ramaswamy replied. “Our rules must be in line with the present.”
“The fact that SBF was able to do what FTX did shows that the current structure is not working, regardless.”
Following Ramaswamy, pro-crypto candidate Ron DeSantis added his voice to the crypto issue, stating that he strongly opposes the implementation of a central bank digital currency (CBDC).
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One risk that Biden is looking for is a central bank digital currency. They want to eliminate cash and crypto, and have full control over your purchases,” DeSantis said.
“On day one as president, we take the idea of CBDCs and throw them in the trash. It's dead on arrival.”
Ramaswamy is one of the few presidential candidates to make crypto a central campaign theme. He is the only Republican presidential candidate to unveil a crypto policy framework.
Former Democratic Party candidate Robert F. Kennedy Jr. made crypto a cornerstone of his campaign to the point that he would back the US dollar with Bitcoin if elected president.
Outside of the presidential race, crypto has become a hot topic in the United States, with Democratic Senator Elizabeth Warren declaring “war on crypto” as part of her Senate re-election campaign.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
