At a crypto advocacy event sponsored by Coinbase, the three presidential candidates discussed many of the same pro-crypto issues.
A trio of contenders for the US presidency pledged to revitalize the beleaguered cryptocurrency landscape, suggesting that the sector’s financial outlays for lobbying may pay off in the upcoming elections.
During the three-hour event, which was sponsored by the Coinbase-backed Stand with Crypto Alliance, the three Republicans—entrepreneur Vivek Ramaswamy and former Arkansas governor Asa Hutchinson—as well as the Democrat Rep. Dean Phillips—vowed to lessen regulatory pressure on cryptocurrency startups. Their methods differed in terms of focus and tone, but they all had the same goal in mind: establishing a coherent and transparent legal framework for digital assets.
After labelling governmental overreach on the cryptocurrency sector as a “cancer,” Ramaswamy stated, “Businesses deserve to know rather than playing regulatory musical chairs.”
After giving a statement on cryptocurrency policy, each candidate answered questions from Jesse Hamilton, the policy editor at CoinDesk Regulations. Their remarks focused on the establishment of a single regulatory framework, which would limit the authority of federal regulators, inform legislators about cryptocurrencies, and shield programmers from legal action. The political discord that has impeded previous attempts on Capitol Hill to develop a regulatory guidebook for the business stood in stark contrast to the agreement among those plans.
Slamming the SEC and Major Banks
The presenters’ remarks were frequently helpful, but occasionally they turned into blatant self-promotional platitudes. All three demanded that the Securities Exchange Commission’s authority be reduced and denounced the agency’s assault on cryptocurrency exchanges like Coinbase, Kraken, and Binance.
Hutchinson demanded a stop to the “guidance-by-enforcement” tactics used by regulators, saying, “We want to see an SEC that… doesn’t treat everybody they’re regulating as an adversary.”
In keeping with his pledge to eliminate 75% of bureaucratic jobs, Ramaswamy said that the agency’s actions regarding crypto, a technology that was invented about 15 years ago, would have the third U.S. president, Thomas Jefferson, “turning in his grave.” Jefferson passed away nearly 200 years ago.
Since none of the candidates are leading in the primary election polls for their parties, it is unlikely that they will be able to use their presidential powers to advance cryptocurrency.
Subsequently, the candidates talked on how blockchain technology could upend traditional finance (TradFi) and create the foundation for a more equitable and distrustless financial system.
According to Hutchinson, “there is actually more transparency in the crypto market than there is in banks and traditional finance.”
At a time when living is already so expensive, Phillips claimed that cryptocurrency “eliminates so many hands in the pot that take little bits of peoples’ money.”
Slice through the cryptocurrency
The presenters seemed to understand the particular and varied difficulties facing the cryptocurrency business, although occasionally they fell back on clichés from the industry (“crypto needs clarity”), avoiding the chance to discuss some of the more nuanced aspects of the regulatory discussion.
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