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US Presidential Hopeful Vivek Ramaswamy Criticizes SEC Over Crypto Regulatory Failures

Republican presidential candidate Vivek Ramaswamy has criticized the Securities and Exchange Commission (SEC) for its current regulatory approach to cryptocurrencies. Ramaswamy voiced his support for cryptocurrencies during the fourth Republican presidential debate at the University of Tuscaloosa on Wednesday.

In response to a question from Eliana Johnson of the Washington Free Beacon about the recent guilty plea of Changpeng “CZ” Zhao, the former CEO of Binance, Ramaswamy expressed his concerns about the regulatory environment. Zhao had faced legal pressure in a case related to anti-money laundering (AML) regulations. Ramaswamy’s remarks underscored his advocacy for a more favorable regulatory framework for cryptocurrencies.

“Fraudsters, criminals, and terrorists have been defrauding people for a long time,” remarked Ramaswamy. “Our regulations need to catch up with the current moment. The fact that SBF was able to do what he did with FTX shows that whatever they have in the current framework isn’t working.”

Ramaswamy also brought up SEC Chair Gary Gensler during the debate, highlighting his failure to definitively classify Ethereum before Congress. “I think it is nothing short of embarrassing that Gary Gensler, the current leader of the SEC, in front of Congress could not even say whether Ethereum counted as a regulated security or not,” criticized Ramaswamy. “I think that this is just another example of the administrative state gone too far.”

DeSantis is anti-CBDC

During the event, Florida Governor Ron DeSantis expressed staunch opposition to Central Bank Digital Currency (CBDC). DeSantis framed President Biden’s endorsement of a CBDC as a direct menace to financial and personal freedom, emphasizing concerns related to privacy and the unregulated nature of purchasing power.

“They want to get rid of cash crypto, they want to force you to do that. They’ll take away your privacy, they will absolutely regulate your purchases,” underscored DeSantis, highlighting his apprehensions about the potential consequences of implementing a CBDC.

“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.” Florida Governor Ron DeSantis has openly criticized the Biden administration’s adversarial stance towards Bitcoin and other cryptocurrencies. His campaign efforts in various cities consistently include his firm opposition to Central Bank Digital Currencies (CBDCs).

In an August campaign event in New Hampshire, DeSantis drew parallels between the U.S. CBDC plans and those of China, emphasizing his commitment to discarding the concept. “As President, on day one, CBDC goes into the trash can,” he reiterated, underscoring his strong stand on the matter.

Crypto is a Part of Ramaswamy’s Campaign

Ramaswamy has recently unveiled a cryptocurrency plan aimed at reducing the Securities and Exchange Commission’s (SEC) control and limiting government involvement in the crypto space. He is committed to removing a significant number of SEC officials, with the goal of creating 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,” he stated, underscoring his dedication to fostering a crypto-friendly landscape.

Coincidentally, the cryptocurrency market experienced a positive turn for pro-crypto politicians on Monday. Bitcoin surged past $41,000 for the first time in over a year and a half, marking a remarkable 150% increase so far this year.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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