US GOP presidential candidate slams Gensler and ‘three-letter agencies’

US presidential hopeful Vivek Ramaswamy slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler and other "three-letter agencies" during the Nov. 6 GOP presidential debate, claiming that regulators had failed to keep up with cryptocurrencies.

Ramaswamy said it was "nothing short of shameful" that Gensler could not admit to Congress that Ethereum's native currency, Ether (ETH), should be considered a commodity.

The question addressed to Ramaswamy mentioned the recent guilty plea by Binance CEO Changpeng “CZ” Zhao and asked how its pro-cryptocurrency policies would prevent scammers from getting off the hook.

"Scammers, criminals and terrorists have been defrauding people for a long time," Ramaswamy responded. "Our regulations need to catch up with the current moment."

"The fact that SBF was able to do what it did with FTX shows that the current framework, whatever it is, is not working."

Following Ramaswamy, pro-cryptocurrency candidate Ron DeSantis added his voice to the cryptocurrency issue and reiterated that strongly opposes the implementation of a central bank digital currency (CBDC).

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“One of the dangers we will face, that Biden wants, is a central bank digital currency. “They want to get rid of cash and cryptocurrencies, and they will absolutely regulate their purchases,” DeSantis said.

“On my first day as president, we took the idea of ​​CBDCs and threw it in the trash. He will be dead on arrival.”

Ramaswamy is one of the few presidential candidates to have made cryptocurrencies a central campaign issue. He is the only Republican presidential candidate who reveal a crypto policy framework.

Former Democratic Party candidate Robert F. Kennedy Jr. has made cryptocurrencies a cornerstone of his campaign, even going so far as to say he would back the US dollar with Bitcoin if he is elected president.

Outside of the presidential race, cryptocurrencies have become a hot topic in the United States, with Democratic Senator Elizabeth Warren. declaring a "war on cryptocurrencies" as part of his re-election campaign in the Senate.

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