Republican presidential candidate Vivek Ramaswamy has expressed his dissatisfaction with the current regulatory framework of cryptocurrencies, specifically targeting the Securities and Exchange Commission (SEC). During the fourth Republican presidential debate at the University of Tuscaloosa, Ramaswamy voiced his support for cryptocurrencies and criticized the SEC’s handling of recent cases involving anti-money laundering (AML) regulations.
Ramaswamy’s Criticism of SEC
When questioned about the guilty plea of former Binance CEO Changpeng “CZ” Zhao, Ramaswamy stated, “Fraudsters, criminals, and terrorists have been defrauding people for a long time.” He expressed his disappointment with SEC Chair Gary Gensler, who failed to classify Ethereum before Congress. Ramaswamy called this failure “embarrassing” and criticized it as another example of the administrative state going too far.
DeSantis’ Opposition to CBDC
The debate also saw Florida Governor Ron DeSantis strongly opposing the implementation of Central Bank Digital Currency (CBDC). DeSantis argued that a CBDC would threaten financial and personal freedom, including privacy and unregulated purchasing power. He accused the Biden administration of attempting to eliminate cash and force the use of CBDCs, which would result in loss of privacy and increased regulation of individual purchases. DeSantis has consistently voiced his disapproval of the current administration’s stance on Bitcoin and other crypto assets, comparing their plans to those of China.
Both Ramaswamy and DeSantis have been vocal about their support for cryptocurrencies and their belief in the need for a favorable regulatory environment. Ramaswamy has released a plan aimed at reducing the SEC’s control and government involvement in the crypto space, while DeSantis has pledged to oppose CBDCs and promote economic freedom through decentralized finance. The recent surge in the crypto market, with Bitcoin surpassing $41,000, indicates growing interest and potential for the crypto industry.
