US Presidential Candidate Criticizes SEC for Lack of Crypto Regulation Clarity
Vivek Ramaswamy, a US presidential candidate known for his support of cryptocurrencies, has criticized the Securities and Exchange Commission (SEC) and its chairman Gary Gensler for failing to provide clear regulations for the crypto industry.
Republican Candidate Calls Out Broken Regulatory Framework
During a Republican primary debate, Ramaswamy was questioned about whether cryptocurrencies would enable economic freedom for bad actors. He responded by stating that regulators need to catch up with the current trends and address fraudulent activities. He highlighted the FTX collapse as an example of the current regulatory framework’s failure.
Ramaswamy Criticizes Gensler and Calls for Congressional Action
Ramaswamy specifically criticized Gary Gensler, the chairman of the SEC, for not clarifying whether Ethereum should be classified as a regulated security. He argued that the administrative state has overstepped its authority in writing regulations without proper congressional approval. Ramaswamy emphasized that a US President with courage could rectify this issue.
DeSantis Opposes Central Bank Digital Currencies
Another Republican presidential candidate, Ron DeSantis, also expressed dissatisfaction with the state of crypto regulation in the US. He specifically voiced his opposition to central bank digital currencies (CBDCs), stating that they infringe on privacy rights and excessively regulate citizens’ purchases. DeSantis pledged to discard the idea of CBDCs if elected as President.
Hot Take: Presidential Candidates Advocate for Crypto Regulation Clarity
Vivek Ramaswamy and Ron DeSantis, both Republican presidential candidates, are voicing their concerns about the lack of clear crypto regulations in the US. They criticize the SEC and its chairman, Gary Gensler, for failing to provide clarity on important issues such as the classification of Ethereum. Ramaswamy emphasizes the need for a President with courage to rectify this situation, while DeSantis opposes the development of central bank digital currencies. These candidates’ stances highlight the growing significance of cryptocurrencies in political discussions and the need for regulatory clarity in the crypto industry.
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