US Presidential Hopeful Vivek Ramaswamy Criticizes SEC Over Crypto Regulatory Failures

Sujha Sundararajan
Last updated: | 2 min read
Source: Adobe

US Republican presidential candidate Vivek Ramaswamy has slammed the Securities and Exchange Commission (SEC) criticizing the current crypto regulatory framework.

During the fourth Republican presidential debate at the University of Tuscaloosa on Wednesday, Ramasamy expressed his advocacy for cryptocurrencies.

He responded to a question from Eliana Johnson of Washington Free Beacon regarding the recent guilty plea of Changpeng “CZ” Zhao, the former Binance CEO. CZ succumbed to legal pressures in a case involving anti-money laundering (AML) regulations.

“Fraudsters, criminals, and terrorists have been defrauding people for a long time,” Ramaswamy said.

“Our regulations need to catch up with the current moment. The fact that SBF was able to do what he did FTX shows that whatever they have is the current framework isn’t working.”

SEC Chair Gary Gensler also got mentioned during the debate for his failure to classify Ethereum before Congress.

“I think it is 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 criticized. “I think that this is just another example of the administrative state gone too far.”

DeSantis is anti-CBDC

During the event, Florida Governor Ron DeSantis voiced his strong opposition to Central Bank Digital Currency (CBDC).

DeSantis framed Biden’s support for a CBDC as a direct threat to financial and personal freedom including privacy and unregulated purchasing power.

“They want to get rid of cash crypto, they want to force you to do that. They’ll take away your privacy, they will absolutely regulate your purchases,” DeSantis stressed.

“On day one as President, we take the idea of central bank digital currency, and we throw it in the trash can. It’ll be dead on arrival.”

DeSantis has criticized the current Biden administration’s hostile approach to Bitcoin and other crypto assets. His campaigns in other cities have always included his strong opposition to CBDCs.

During a campaign event in New Hampshire in August, DeSantis compared the US CBDC plans to that of China. “As President, on day one, CBDC goes into the trash can,” he reiterated at the time.

Crypto is a Part of Ramaswamy’s Campaign

Ramaswamy recently released a plan for cryptocurrency to curb the SEC’s control and the government’s involvement in the crypto space. He is committed to ousting most of the SEC officials to facilitate an environment for cryptos to thrive as commodities.

“The policy I released today will guarantee a vibrant future for crypto to ensure economic freedom for Americans seeking an alternative to centralized finance,” he said at the time.

Meanwhile, on Monday, the crypto market turned favorable to such pro-crypto politicians. Bitcoin surpassed $41,000 for the first time in over a year and a half — marking a 150% rise so far this year.