At the Republican Party presidential debate, Vivek Ramaswamy, a United States presidential candidate, faulted the SEC and Gary Gensler.
During the November 6 Republican Party presidential debate, Vivek Ramaswamy, a United States presidential aspirant, criticized Gary Gensler, chair of the Securities and Exchange Commission (SEC), and other ‘three-letter agencies.’ He asserted that regulators were reluctant to keep up with crypto.
According to Ramaswamy, Gensler’s failure to acknowledge before Congress that Ether, Ethereum’s native currency, must be a commodity was embarrassing. The question directed to Ramaswamy highlighted the latest guilty plea by Changpeng ‘CZ’ Zhao, Binance’s chief executive officer.
Ramaswamy Defends Crypto From Alleged Channel for Criminal Actors and Illicit Finance
It asked about the effectiveness of his crypto-friendly guidelines in stopping fraudsters from getting out of trouble. Ramaswamy replied that for a long time, criminals, fraudsters, and terrorists have been fleecing people.
As such, the nation’s laws must match the present moment. Sam Bankman-Fried’s (SBF’s) ability to do what he did at FTX demonstrates that the structure is nonfunctional.
After Ramaswamy, Ron DeSantis, a fellow crypto supporter, also deliberated on the crypto matter, repeating that he is firmly against enacting a central bank digital currency (CBDC). He said that a CBDC is one of the issues they will encounter.
The Biden administration intends to eradicate crypto and cash and will have total control of purchases. He also said that his first day as president will entail doing away with the CBDCs concept.
Ramaswamy to Introduce Crypto Policy Model
Ramaswamy has also made crypto a core campaign theme, echoing other presidential candidates. He is the sole Republican presidential aspirant to introduce a crypto policy model.
Robert F. Kennedy Jr., an ex-Democratic Party candidate, has made crypto the basis of his campaign, claiming that if elected president, he would utilize Bitcoin to support the United States dollar.
Beyond the presidential race, crypto is a significant problem in the U.S. As part of her reelection campaign, Elizabeth Warren, a Democratic Senator, has announced a ‘war on crypto.’