US presidential candidate Vivek Ramaswamy sharply criticized the Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, alongside other regulatory bodies known as "Three Letter Agencies." He accuses these agencies of lagging behind in keeping up with the advancements in the cryptocurrency landscape.
Ramaswamy highlighted Gensler's inability to acknowledge Ethereum's native currency during a Congressional session, deeming it "simply embarrassing." He asserts that Ethereum and similar cryptocurrencies should be recognized as commodities. Responding to queries regarding Binance CEO Changpeng Zhao’s recent guilty plea, Ramaswamy emphasized the need for his crypto-friendly policies to deter fraudsters from avoiding repercussions.
"Scammers, criminals, and terrorists have been deceiving people for a long time," Ramaswamy responded. "Our regulations need to keep pace."
He underscored the inadequacy of the existing regulatory framework by referring to SBF's actions following FTX's moves, indicating a need for updated regulations. Following Ramaswamy's remarks, fellow pro-crypto candidate Ron DeSantis also entered the conversation, reiterating his staunch opposition to implementing a central bank digital currency (CBDC).
DeSantis highlighted concerns about central bank digital currencies, expressing apprehension about their potential to replace cash and cryptocurrencies. He adamantly stated that upon assuming the presidency, he discarded the CBDC idea, declaring it "dead on arrival." Ramaswamy is among the select presidential candidates who have made cryptocurrency a central theme in their campaigns. He stands as the sole Republican candidate to introduce a cryptocurrency policy framework.
Former Democratic candidate Robert F. Kennedy Jr. similarly made cryptocurrencies a pivotal part of his campaign. He even suggested that if elected president, he would support the US dollar with Bitcoin. Beyond the presidential campaign, cryptocurrencies have emerged as a contentious issue in the United States. Democratic Senator Elizabeth Warren made headlines by declaring a "war on cryptocurrencies" during her Senate re-election campaign.
