Why US Presidential Candidate Wants to Ditch CBDC

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US Presidential candidate Vivek Ramaswamy, known for his crypto-friendly stance, has heavily criticized Gary Gensler and the Securities and Exchange Commission (SEC) for failing to clarify crypto regulations.

With interest in the US elections heating up, cryptocurrency is emerging as a significant topic of conversation. Ramaswamy, known for unofficially representing innovation in Bitcoin (BTC) and the broader crypto sphere, once more voiced criticism against the policies of the SEC.

Republican US Presidential Candidate Calls Out Regulators’ Broken Framework

During a Republican primary debate, Ramaswamy was asked if crypto would also bring economic freedom to the bad actors. Specifically, the question was:

“You praised cryptocurrency, such as Bitcoin, as an opt-out from our broken financial architecture. But the head of the largest international crypto exchange just pleaded guilty to allowing his platform for laundering money for terrorists, including Hamas.

“You say your cryptocurrency plan will ensure economic freedom for America, wouldn’t it also ensure economic freedom for fraudsters, criminals, and terrorists?”

Addressing the question, Ramaswamy said that the regulators must catch up with the current trend because bad actors have been defrauding people for a long time. He took the example of the FTX collapse, stating that it proves the regulators’ current framework is not working.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Yet again, he criticized the SEC boss, Gary Gensler, for not specifying whether Ethereum (ETH) should be classified as a regulated security or not. Ramaswamy added:

“I think this is another example of the administrative state gone too far. They are writing regulation that the Congress never gave them authority to write.

“A US President can absolutely fix that. That takes a US President with a spine.”

Ron DeSantis, another US presidential candidate from the Republican party, also lashed out at the current state of crypto regulation in the US. Specifically, he is against the central bank digital currency (CBDC) developments, stating that they take away privacy and absolutely regulate citizens’ purchases.

DeSantis boldly promised to ditch the idea of CBDCs. He said:

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

Read more: Crypto vs. Banking: Which Is a Smarter Choice?

Do you have anything to say about the US Presidential candidates’ crypto-friendly stance, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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