Presidential Candidate Discusses Tornado Cash and Pending Legislation at Stand With Crypto Event.
In a relatively rare move, US presidential candidates took a key stance on cryptocurrency-related issues at an event organized as part of Coinbase’s grassroots initiative Stand with Crypto.
Republican presidential candidates Asa Hutchinson and Vivek Ramaswamy and Democratic presidential candidate Dean Phillips spoke Monday at the New Hampshire Institute of Politics at St. Anselm College. We spoke with CoinDesk, which sponsors the event.
The candidates elaborated on the details. Especially Ramaswamy, who mentioned Tornado Cash in his opening speech. Last August, the judge agreed It worked with the Treasury Department after sanctioning cryptocurrency mixers last year. Critics in the cryptocurrency industry have criticized the Treasury Department’s move, arguing that Tornado Cash is software and not a person, and that it does not have the authority to sanction Mixer.
Ramaswamy likened code to a “form of speech.”
“Think about what happened in the Tornado Cash incident,” Ramaswamy said. “Punishing entire protocols or entire ways of doing business, as opposed to going after individual offenders, is illegal and unconstitutional under current law.”
Cryptocurrencies are not often mentioned during presidential candidacy. Surprisingly Republican presidential election candidate At last week’s Republican presidential debate, we talked about Binance, former FTX CEO Sam Bankman-Fried, and Securities and Exchange Commission Chairman Gary Gensler. Ramaswami himself He disclosed his cryptocurrency plan In front of the Texas Blockchain Council last month.
potential legislation
Phillips was asked by CoinDesk on Monday what cryptocurrency companies should do while the government is expected to announce new legislation.
Phillips said he would consider a cryptocurrency market rescue bill that was submitted through the House Financial Services Committee last summer.
“I think the FIT 21 bill is a bill that needs to be considered,” Phillips said.
Phillips said he likes the privacy elements of cryptocurrencies, but they should not come at a cost or be used maliciously.
“I’m sure everyone would agree with that,” Phillips said. “So I think we have to make a prudent decision.” “So I’m not going to come to you with a hardened heart, because this is a conversation we need to start and it’s getting too late in the game for that.”
stay here
Hutchinson said Monday that cryptocurrencies are “here to stay.”
“I want to ensure that crypto assets and the cryptocurrency industry can thrive under my administration,” Hutchinson said. “Once again, I want the cryptocurrency industry to thrive in the United States and be led by the United States.”
This will require clarification of rules, “sustained consumer trust,” “coding power” and affordable energy, Hutchinson added.
According to news reports, former President Donald Trump is by far the leader in the pool of Republican candidates. Trump was followed by Ron DeSantis, Nikki Haley, Ramaswami, Chris Christie and Hutchinson. 538. President Joe Biden is said to be leading the Democratic Party in approval ratings, followed by Marianne Williamson and Phillips. 538.
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