Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Ramaswamy Criticizes Regulatory Failures In Final GOP Debate, DeSantis Says CBDC Would Be 'Dead On Arrival' If He Is Elected President

Published 07/12/2023, 04:23
Updated 07/12/2023, 05:40
© Reuters.  Ramaswamy Criticizes Regulatory Failures In Final GOP Debate, DeSantis Says CBDC Would Be 'Dead On Arrival' If He Is Elected President

Benzinga - At the University’s debate in Tuscaloosa, Republican candidates spoke about cryptocurrency regulation, Central Bank Digital Currency (CBDC), and its potential dangers.

What Happened: Eliana Johnson of the Washington Free Beacon probed candidate Vivek Ramaswamy regarding his advocacy for cryptocurrencies—citing the former Binance CEO Changpeng Zhao, who succumbed to legal pressures, leading to his resignation and Binance’s $4.3 billion settlement for criminal charges related to money laundering, including for "terrorist groups like Hamas."

Ramaswamy criticized the current regulatory framework as ineffective, pointing to the FTX controversy under Sam Bankman-Fried’s (SBF) as an example. "Look, fraudsters, criminals and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current moment. The fact that SBF was able to do what he did at FTX shows that whatever they have in the current framework isn’t working. "

He also expressed embarrassment on behalf of SEC Chairman Gary Gensler for his failure to classify Ethereum (CRYPTO: ETH) confidently before Congress. "And 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. And so I think that this is just another example of the administrative state gone too far. Here’s the dirty little secret in American politics today. The people who we elect to run the government are not the ones who are even actually running the government. It is the bureaucrats in those three letter agencies."

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: During the event, the last of its kind for the year, Florida Governor Ron DeSantis voiced his strong opposition to Central Bank Digital Currency (CBDC), framing President Biden’s support for such a currency as a direct threat to personal freedoms, including privacy and unregulated purchasing power. "One of the dangers that we’re gonna face [is that] Biden wants a central bank digital currency. 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. 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."

The debate stage was manned by seasoned political figures, including former UN Ambassador Nikki Haley and former New Jersey Governor Chris Christie. Notably absent was ex-President Donald Trump, who bypassed the debate in favor of attending a Florida fundraiser.

Image via Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

© 2023 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.