Vivek Ramaswamy Criticizes SEC and Regulatory Framework
Presidential candidate Vivek Ramaswamy expressed his disappointment with the Securities and Exchange Commission (SEC) and its chair, Gary Gensler, for their failure to effectively regulate bad actors. Ramaswamy highlighted the need for regulations to keep up with the current moment, citing the example of SBF’s actions at FTX. According to Ramaswamy, the existing framework is clearly not working.
Gensler’s Inability to Determine Ethereum’s Security Status
Ramaswamy also criticized Gensler for his inability to clarify whether Ethereum should be classified as a security. At a congressional hearing in April, Gensler failed to provide a clear answer when questioned about Ethereum’s status. Ramaswamy found this lack of clarity to be embarrassing and indicative of the regulatory system’s shortcomings.
The Power of the “Administrative State”
Ramaswamy further discussed his concerns about the extensive reach of the “administrative state,” emphasizing that unelected bureaucrats are often responsible for creating regulations that exceed their authorized powers. He argued that these three-letter agencies are writing rules that Congress never granted them the authority to establish, ultimately bypassing elected officials in the governing process.
Hot Take: A Call for Regulatory Accountability
Vivek Ramaswamy’s criticism of the SEC and regulatory framework highlights the need for accountability and reform in the crypto industry. He argues that regulations must evolve to combat fraudsters, criminals, and terrorists who exploit vulnerable individuals. Additionally, he questions the power and authority of unelected bureaucrats in shaping regulations outside the oversight of elected officials. These concerns resonate with the ongoing debate about effective and responsible regulation in the crypto space.
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