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US Presidential candidates criticizes Gensler & regulatory agencies; to trash CBDCs

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During the Nov. 6 Republican Party presidential debate, Vivek Ramaswamy criticized Gary Gensler and other regulatory agencies for failing to keep up with the fast-moving cryptocurrency industry.

Ramaswamy found it disappointing that Gensler could not explicitly state that Ether should be considered a commodity.

In light of the recent guilty plea of Binance CEO Changpeng Zhao, the question asked how Ramaswamy’s more crypto-friendly policies would prevent other fraudsters from escaping legal consequences.

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

Ron DeSantis, another presidential candidate who supports the use of cryptocurrency, shared his opposition to the creation of a CBDC, stating that it would represent too much government control over the economy.

“One of the dangers we’re gonna face, which Biden wants, is a central bank digital currency. They want to get rid of cash and crypto, and they will regulate your purchases,” DeSantis said.
“On day one as president, we take the idea of CBDCs and throw it in the trash can. It’ll be dead on arrival.”

It’s notable that while most candidates haven’t focused on crypto, Ramaswamy has made it a key part of his platform.

Ramaswamy’s crypto policy framework sets him apart from other Republican candidates, who have not yet released a similar plan.

It’s worth noting that while Ramaswamy is the only Republican candidate with a crypto policy, former Democratic candidate Robert F. Kennedy Jr. has also made it a key part of his platform.

The growing debate around crypto is reflected in the statements and positions of politicians across the political spectrum, from Elizabeth Warren’s ‘war on crypto’ to Ramaswamy’s pro-crypto platform.

 

Read also: Will Ordinals be dead by 2024?

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