In an uncommon move, US presidential candidates discussed cryptocurrency-related issues in-depth at a gathering sponsored by Coinbase’s grassroots campaign, Stand with Crypto.
CoinDesk, the event sponsor, had a conversation with Republican presidential candidates Asa Hutchinson, Vivek Ramaswamy, and Democratic presidential candidate Dean Phillips on Monday at the New Hampshire Institute of Politics at St. Anselm College.
The candidates dug into the specifics, especially Ramaswamy, who brought up Tornado Cash during his introductory speech. A judge in August upheld the Treasury Department’s decision to approve the cryptocurrency mixer from the previous year. Crypto industry skeptics claimed that Tornado Cash is software rather than a real person, denouncing Treasury’s action and claiming it lacked jurisdiction.
Consider what transpired in the Tornado Cash case, stated Ramaswamy. “Penalizing an entire protocol or an entire way of doing business is illegal and unconstitutional under the current law in contrast to going after individual bad actors.”
It’s rare to hear discussions about cryptocurrency among presidential candidates. Surprisingly, during last week’s Republican presidential debate, candidates for president discussed Binance, former FTX CEO Sam Bankman-Fried, and Securities and Exchange Commission Chair Gary Gensler. Last month, Ramaswamy revealed his own cryptocurrency plan in front of the Texas Blockchain Council.
CoinDesk questioned Phillips on Monday regarding what cryptocurrency companies should do in the interim while the government considers passing new legislation.
A bill on cryptocurrency market structure that was passed by the House Financial Services Committee this summer was promised to be taken into consideration by Phillips.