WASHINGTON - In the race for the White House, presidential hopeful Vivek Ramaswamy has positioned himself as a proponent of cryptocurrency, using recent debates and public appearances to criticize the current regulatory approach to digital assets. During a GOP debate on Wednesday evening, Ramaswamy defended Bitcoin's value in promoting economic freedom and targeted what he views as bureaucratic constraints within U.S. financial systems. He cited the FTX scandal and Sam Bankman-Fried's alleged crimes as examples of ineffective oversight by the Securities and Exchange Commission (SEC), proposing his "Three Freedoms of Crypto" policy to spur innovation amidst regulatory hurdles expected to continue past the 2024 election.
Ramaswamy's stance on cryptocurrency was further detailed before an unspecified date at the Texas Blockchain Council, where he outlined a plan to protect self-hosted wallets from overregulation, emphasizing the importance of innovation in the sector. His criticism extended to SEC Chair Gary Gensler for providing unclear guidance on whether cryptocurrencies should be classified as securities, particularly taking aim at Gensler's evasive responses during an exchange with House Financial Services Committee Chair Patrick McHenry.
In a similar vein, Florida Governor Ron DeSantis has voiced his opposition to Central Bank Digital Currencies (CBDCs), citing privacy concerns. DeSantis has pledged to prevent CBDCs from gaining a foothold in the United States if elected president, reinforcing actions taken earlier in May when he banned CBDCs in Florida to avoid government overreach into private transactions.
While Ramaswamy advocates for cryptocurrency freedom, JPMorgan CEO Jamie Dimon stands on the opposite side of the debate. Dimon suggested that he would eliminate cryptocurrencies entirely if he had the authority, citing a need to protect public wellbeing.
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