Presidential candidate Vivek Ramaswamy heavily criticized the lack of action of the U.S. Securities and Exchange Commission (SEC) and its chair, Gary Gensler, on the fraud cases in the crypto industry. Ramaswamy stated that regulations needed to catch up and that the existence of these cases was evidence that the current framework was not working.
Vivek Ramaswamy Calls for an Overhaul of the Current Crypto Regulatory Framework
Vivek Ramaswamy, a Republican presidential hopeful, has criticized how regulators have failed to address cryptocurrency fraud cases, including the billionaire demise of FTX. During the 4th GOP debate held on Wednesday, Ramaswamy explained that the current regulations have been insufficient to deal with these infamous cases, including the bankruptcies of FTX due to the actions of its founder, Sam Bankman Fried (SBF), and other crypto companies.
When asked if his crypto policies would “ensure freedom for fraudsters, criminals, and terrorists,” Ramaswamy answered:
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 whatever they have as a current framework isn’t working.
Ramaswamy continued by calling out the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, stating that it was “nothing short of embarrassing” that he couldn’t even assess whether Ether counted as a regulated security or not in a congressional hearing held in April when House Financial Services Committee Chairman Patrick McHenry repeatedly asked on the subject.
Ramaswamy noted that this constituted evidence that the “administrative state” had gone too far. He concluded:
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 that are writing regulations that Congress never gave them the authority to write.
Ramaswamy has been a vocal critic of the SEC’s actions, stressing that it would roll back most of the SEC crypto regulations if he gets elected.
What do you think about Ramswamy’s criticism of the SEC and crypto regulations in the U.S.? Tell us in the comments section below.
