March 27, 2024
GOP Candidate Criticizes Gensler and ‘three-letter agencies’
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GOP Candidate Criticizes Gensler and ‘three-letter agencies’

In the realm of U.S. presidential aspirations, Vivek Ramaswamy emerged as a vocal critic of regulatory bodies, particularly targeting Securities and Exchange Commission (SEC) Chair Gary Gensler and other “three-letter agencies.”

His pointed comments came to light during the November 6 Republican Party presidential debate, where he asserted that these agencies had fallen behind in understanding and adapting to the dynamic landscape of cryptocurrencies.

Ramaswamy seized the opportunity to highlight what he deemed as a glaring shortcoming on Gensler’s part: the inability to explicitly classify Ethereum’s native currency, Ether (ETH), as a commodity in testimony before Congress.

This apparent hesitancy or lack of clarity on the regulatory front, according to Ramaswamy, was “nothing short of embarrassing.”

A specific question raised during the debate centered on the recent guilty plea of Changpeng “CZ” Zhao, the CEO of Binance. In response, Ramaswamy articulated his stance on the need for regulatory frameworks that can effectively address and prevent fraudulent activities in the crypto space.

He emphasized that regulations must evolve to meet the demands of the current moment, particularly with fraudsters, criminals, and terrorists exploiting gaps in the regulatory landscape.

“The fact that SBF was able to do what he did FTX shows that whatever they have is the current framework isn’t working.”

Ramaswamy’s sentiments found resonance with fellow contender Ron DeSantis, who chimed in on the crypto discourse. DeSantis expressed firm opposition to the implementation of a central bank digital currency (CBDC), cautioning against potential government overreach.

According to DeSantis, there is a risk of the government regulating individual purchases if a CBDC were to be introduced.

“On day one as president, we take the idea of CBDCs and throw it in the trash can. It’ll be dead on arrival.”

Interestingly, Ramaswamy has positioned himself as a proponent of crypto within the Republican presidential candidate pool, unveiling a comprehensive crypto policy framework.

His distinct approach to integrating crypto into the political discourse sets him apart in a landscape where few candidates have made cryptocurrencies a central theme of their campaigns. This includes former Democratic Party candidate Robert F. Kennedy Jr., who has gone as far as proposing to back the U.S. dollar with Bitcoin if elected president.

Beyond the presidential race, crypto has become a polarizing topic in the U.S., with Democratic Senator Elizabeth Warren declaring a “war on crypto” as part of her Senate reelection campaign.

Image by pch.vector on Freepik

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