Crypto Takes Center Stage: US Presidential Candidates Criticize Gensler, Call For Clear Regulations

Share This Post

During the recent Republican Party presidential debate, a notable shift in political discourse regarding crypto emerged as US presidential candidate Vivek Ramaswamy openly criticized US Securities and Exchange Commission (SEC) Chair Gary Gensler, alongside other federal agencies, for their handling of digital currency regulation.

Presidential Candidates Throws Jabs At Gensler And Current Policies

Ramaswamy, addressing the audience, described the SEC’s approach as “nothing short of embarrassing,” particularly highlighting Gensler’s refusal to classify the Ethereum token as a commodity in congressional hearings.

His comments were motivated by the scrutiny of regulatory bodies of crypto enthusiasts, and industry stakeholders. When the moderator asked Ramaswamy if his crypto plan, which he said would “ensure economic freedom for Americans,” also “ensure economic freedom for fraudsters, criminals and terrorists,” Ramaswamy replied:

Look, fraudsters, criminals and terrorists have being defrauding people for a long time. Our regulations need to catch up with the current moment.

The US presidential candidate emphasized that the current regulatory mechanisms are “inadequate,” citing the high-profile downfall of FTX and its CEO, Sam Bankman-Fried, as a prime example of the existing system’s shortcomings. Ramaswamy added:

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

The debate further saw Ron DeSantis, another pro-crypto presidential candidate, voicing his opposition to the implementation of a central bank digital currency (CBDC). DeSantis warned against the potential risks associated with CBDCs, such as heightened regulatory control over individual purchases.

The pro-crypto presidential candidate proceeded to vow to discard any proposals for CBDCs, should he be elected, noting:

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

Embracing Crypto: A New Trend In US Presidential Campaigns?

The use of crypto has become a notable theme in the upcoming US presidential election. Some candidates are increasingly aligning their campaigns with crypto-friendly messages, which appears to counter the current administration’s less enthusiastic stance on digital assets.

This trend was further underscored by a report revealing Robert F. Kennedy Jr.’s Bitcoin investments, valued between $100,001 and $250,000.

In a recent X Spaces interview with crypto investor Scott Melker, Kennedy expressed his support for Bitcoin, labeling it as the “currency of freedom.” He shared his journey into the digital currency world, revealing that he invested in Bitcoin for each of his seven children, aligning his actions with his public advocacy for the digital asset.

Amid these political campaigns involving crypto, Bitcoin and the rest of the crypto market continue to rise. Particularly, BTC over the past week has surged more than 10% and currently trades for $43,361 at the time of writing.

Bitcoin (BTC) price chart on TradingView.com amid crypto news

Featured image from iStock, Chart from TradingView

Read Entire Article
spot_img

Related Posts

Ethereum Price Prediction: ETH Soars 18% In February On Optimism For Ethereum Dencun Upgrade And ETH ETFs, But Analysts Say This ICO Might Be...

The Ethereum price pumped more than 18% so far this month to trade at $2,92670 as of 1:15 am EST Analysts believe the ETH price

6 Best Cheap Crypto to Buy Now Under 1 Dollar February 19

The crypto market is approaching the Altcoin season As such, investors are actively seeking tokens with the potential to capitalize on the impending upward trend

PepeFork Price Prediction: PORK Pumps Again For 45% Surge In A Week, But Experts Say This Other Meme Coin Might Be The Next Crypto...

The PepeFork price rose 6% in the last 24 hours to trade at $00000004700 as of 04:57 am EST on trading volume that surged 62%

Altcoins Sink Into “Danger Zone”, Is A Correction Incoming?

Data of an on-chain indicator suggests the majority of the altcoins have now dropped into the historical “danger zone,” a sign that could be bearish Altcoins May Be Overbought Currently

XRP Refuses To Back Down As Crypto Analyst Identifies When Price Will Rally To $2

Several analysts continue to make bullish predictions for the XRP token despite its lacklustre price action This time, crypto analyst Dark Defender has identified emerging patterns that suggest that

AI Crypto Assets Skyrocket With Over $10 Billion Added to the Sector in 17 Days

In the last 17 days, the value of artificial intelligence (AI) cryptocurrency assets has soared, with a significant addition of $1021 billion to their overall market value This surge aligns with the
- Advertisement -spot_img