Key Points
- On Wednesday, Republican contender for president Vivek Ramaswamy was questioned about the latest advancements. Ramaswamy announced his own cryptocurrency scheme in front of the Texas Blockchain Council last month.
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During Wednesday night’s Republican presidential debate, topics included central bank digital currencies, former FTX CEO Sam Bankman-Fried, Securities and Exchange Commission Chair Gary Gensler, and Binance, the largest cryptocurrency exchange in the world.
In front of the Texas Blockchain Council last month, Republican presidential candidate Vivek Ramaswamy announced his own cryptocurrency strategy. He was questioned about the latest advances in the industry.
“The head of the largest international crypto exchange just pleaded guilty to allowing his platform to launder money for terrorists, including Hamas,” said the moderator. “You claim that your cryptocurrency proposal will, in the words of the author, “guarantee economic independence for Americans.” Won’t it also provide terrorists, criminals, and scam artists economic freedom?”
In response, Ramaswamy stated that dishonest individuals have been con artists for a very long time.
According to Ramaswamy, “our regulations need to catch up with the current moment.” “The fact that SBF was able to do what he did at FTX shows that whatever they have in the current framework isn’t working.”
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Weeks after former Binance CEO Changpeng Zhao entered a guilty plea to accusations of money laundering and violating sanctions, and months after former FTX CEO Sam Bankman-Fried was found guilty of criminal charges following a jury’s verdict that he had deceived investors, Ramaswamy made his remarks.
Over the past year, a few presidential hopefuls have mentioned cryptocurrency. Part of Ramaswamy’s approach, he said last month, would prevent self-hosted wallets from being regulated and allow for the “freedom to innovate without regulatory overreach.” In the meantime, Florida Governor Ron DeSantis, a Republican contender for president, outlawed the use of CBDCs in his state in May.
Gensler was chastised by Ramaswamy during the debate. The head of the SEC has consistently insisted that cryptocurrency exchanges register with his organization and that many cryptocurrencies are securities that must be governed by securities regulations.
Lawmakers have also questioned Gensler on whether ether in particular ought to be regarded as a security. During a House Financial Services Committee meeting, Patrick McHenry, the chair, made many attempts to get information from Gensler. Ramaswamy took issue with the debate’s back and forth on Wednesday.
“I think it’s nothing short of embarrassing that Gary Gensler, the current leader of the SEC, in front of Congress could not even say whether Ethereum counted as a regulated security or not,” Ramaswamy stated. “This is just another example of the administrative state gone too far.”
Debate about CBDC
On Wednesday, DeSantis brought up CBDCs, claiming that Joe Biden desires to violate people’s privacy.
DeSantis declared, “They will definitely regulate your purchases.” “We put the concept of a digital money issued by a central bank in the trash bin on our first day as president. When it arrives, it will be dead.”
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