Ramaswamy and DeSantis target crypto regulation in their presidential ambitions

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WASHINGTON – In the race for the White House, Vivek Ramaswamy has positioned himself as a supporter of cryptocurrencies, using recent debates and public appearances to criticize the current regulatory approach to digital assets. At a GOP debate Wednesday night, Mr. Ramaswamy defended the value of in promoting economic freedom and targeted what he sees as bureaucratic constraints within America’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 amid regulatory hurdles which are expected to continue after the 2024 election.

Mr. Ramaswamy’s position on cryptocurrencies was made clear on an unspecified date at the Texas Blockchain Council, where he presented a plan to protect self-hosted wallets from excessive regulation, emphasizing the importance innovation in the sector. He also criticized SEC Chairman Gary Gensler for giving unclear guidance on whether cryptocurrencies should be classified as securities, particularly attacking Gensler’s evasive responses. during an exchange with the chairman of the Financial Services Committee of the House of Representatives, Patrick McHenry.

Along the same lines, Florida Governor Ron DeSantis has expressed his opposition to central bank digital currencies (CBDCs), citing privacy concerns. Mr. DeSantis has pledged to prevent CBDCs from taking hold in the United States if he is elected president, strengthening steps taken earlier in May when he banned CBDCs in Florida to prevent the government interferes in private transactions.

While Mr. Ramaswamy argues for cryptocurrency freedom, JPMorgan CEO Jamie Dimon is on the opposite side of the debate. Mr. Dimon has suggested he would phase out cryptocurrencies altogether if he had the power, citing the need to protect the public’s well-being.

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