The United States Presidential election of 2024 is absolutely heating up and we need to educate ourselves and come together and vote for the best public servant that is going to support crypto and the free markets.
Now, a question was asked to Presidential candidate Vivek Ramaswamy, and he did a great job in responding to it.
He does an amazing job calling out the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, and highlighting the need for crypto regulations.
He also highlighted that FTX and SBF was a big issue, and this is why we need comprehensive regulations.
Vivek Ramaswamy Slams Gensler
Ramaswamy brought up three important topic points. Number 1: SBF and FTX — and also coincides with point number 2: the SEC and Gary Gensler.
According to Ramaswamy, it is embarrassing that the Securities Chairman can sit in front of Congress and cannot answer a simple question of whether Ethereum is a security or not.
While Gary Gensler was the Chair of the SEC (and he still is), Sam-Bankman Fried from FTX committed massive fraud and stole billions of dollars from customers.
And remember, FTX was not even an American company. They had FTX.US which got caught up in the crypto contagion, but the point of the matter is that SBF met with Gensler multiple times and the Securities Chairman failed to do his job and protect retailers.
What Gensler did was, he sat and he met with SBF, did not institute any types of laws, could not tell us what a crypto asset is, as far as a security, a commodity, etcetera, and basically just went ahead and litigated instead of create rules to keep retail safe, and also allow for a very beautiful economy and technology to flourish in crypto.
The third point that Ramaswamy made is that America has people in office that are not even running the country — so basically they voted these people into office and they have had other people like Gensler from the SEC make decisions.
As far as Ron DeSantis goes, he did touch on crypto as well, but he went more of the CBDC route. He is very anti-CBDC and he said he is going to have a CBDC dead-on-arrival if he is put into office.
Crypto is here to stay — it is going mainstream, we are seeing penetration into society, pop culture, politics and much more.
Crypto is a valid item. Yes, it is not one of the top five in the most talked about issues in the debate, but it is on the list. And a lot of people are going to weigh crypto-friendliness as part of their decisions that they make at the ballot.
I think in this upcoming Presidential election, we are going to see both Democratic and Republican candidates putting forth their ideas around regulating crypto.