Republican Presidential Debate: Spotlight on Binance, SBF, ETH, and Gensler

• Cryptocurrency Policy Discussed in the Republican Presidential Debate
• The Challenge of Current Regulations
• Cryptocurrency in Ramaswamy's Campaign
• Criticizing SEC's Unclear Stance
• Other Proposals on Cryptocurrency
• Debate Highlights

Cryptocurrency Policy Discussed in the Republican Presidential Debate

During the recent Republican presidential debate in Tuscaloosa, Alabama, the topic of cryptocurrencies came up as Vivek Ramaswamy was questioned about his stance on digital assets. The query was in relation to recent events involving the former CEO of Binance, Changpeng CZ Zhao, who pleaded guilty to violating sanctions and money-transmitting laws.

The Challenge of Current Regulations

Ramaswamy started his response by acknowledging the long history of fraud and criminal activities. He stated, Our regulations need to catch up with the current moment. The politician further highlighted that the fact SBF was able to run FTX$3.28 -5.38% within the existing regulatory framework indicates that the current system is insufficient.

Cryptocurrency in Ramaswamy's Campaign

Notably, Ramaswamy is one of the few politicians who has explicitly incorporated cryptocurrency into his campaign. He has proposed a drastic cut in the SEC workforce and called for relaxed regulations on the cryptocurrency industry. His advocacy includes treating most cryptocurrencies as commodities that are beyond the jurisdiction of the U.S. Securities and Exchange Commission (SEC).

Criticizing SEC's Unclear Stance

Ramaswamy expressed his disappointment with the SEC's unclear stance on cryptocurrencies. He mentioned, It's nothing short of embarrassing that Gary Gensler, the SEC chair, couldn't even confirm in front of Congress whether Ethereum$2,315 -2.42% is a regulated security. He views this as an example of the administrative state overstepping its bounds.

Other Proposals on Cryptocurrency

Robert F. Kennedy Jr., a former Democratic presidential candidate who is now an Independent, also discussed cryptocurrency during the debate. His proposition includes exempting bitcoin from capital gains tax, backing the dollar with assets such as gold and bitcoin, and supporting the right to self-custody bitcoin and operate blockchain nodes, with the aim to strengthen the dollar and promote financial innovation and privacy.

Debate Highlights

In a later part of the debate, Ramaswamy made a statement claiming that the Jan. 6, 2021, assault on the U.S. Capitol was an inside job. He also asserted that the great replacement theory is a basic statement of the Democratic Party's platform.

Edited by Jonathan Stoker