Presidential Candidates Criticize Gensler and Current Crypto Policies
In a recent Republican Party presidential debate, US presidential candidate Vivek Ramaswamy openly criticized SEC Chair Gary Gensler and other federal agencies for their handling of digital currency regulation. Ramaswamy described the SEC’s approach as embarrassing, specifically pointing out Gensler’s refusal to classify Ethereum as a commodity in congressional hearings. This criticism comes as regulatory bodies face scrutiny from crypto enthusiasts and industry stakeholders.
Look, fraudsters, criminals, and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current moment.
Ramaswamy emphasized that the current regulatory mechanisms are inadequate, citing the downfall of FTX and its CEO as an example. Another pro-crypto presidential candidate, Ron DeSantis, expressed opposition to central bank digital currencies (CBDCs) due to concerns about increased regulatory control over individual purchases.
@VivekGRamaswamy and @RonDeSantis talk crypto in the GOP primary debate pic.twitter.com/mQEPAmhfT5
— Taylor Barr (@taylorjbarr) December 7, 2023
Embracing Crypto: A New Trend in US Presidential Campaigns?
The use of crypto has become a significant theme in the upcoming US presidential election, with some candidates aligning their campaigns with crypto-friendly messages. This counters the current administration’s less enthusiastic stance on digital assets. In a recent interview, Robert F. Kennedy Jr. revealed his Bitcoin investments and expressed support for Bitcoin as the “currency of freedom.” He disclosed that he invested in Bitcoin for each of his seven children.
Meanwhile, Bitcoin and the rest of the crypto market continue to rise, with BTC surging over 10% in the past week and currently trading at $43,361.
Featured image from iStock, Chart from TradingView
Hot Take: Presidential Candidates Demand Stronger Crypto Regulations
During a recent Republican Party presidential debate, candidates voiced their concerns about the current state of digital currency regulation in the US. Vivek Ramaswamy criticized SEC Chair Gary Gensler and other federal agencies for their handling of crypto regulations, calling it embarrassing. He argued that the existing regulatory mechanisms are inadequate and need to catch up with the current moment.
Ron DeSantis also expressed opposition to central bank digital currencies, highlighting concerns about increased regulatory control. This shift in political discourse reflects a growing trend of presidential candidates embracing crypto-friendly messages in their campaigns.
Meanwhile, Bitcoin and the overall crypto market continue to experience positive momentum, with BTC surging over 10% in the past week. This indicates a growing interest and acceptance of cryptocurrencies among investors and the general public.
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