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Presidential Candidates Dive Deep into Cryptocurrency Issues

In an unprecedented move, U.S. presidential candidates engaged in in-depth discussions about cryptocurrency-related issues at an event organized by Coinbase’s Stand with Crypto initiative.

Republican candidate Asa Hutchinson, Republican candidate Vivek Ramaswamy, and Democratic candidate Dean Phillips participated in a panel discussion with CoinDesk, the event’s sponsor, at the New Hampshire Institute of Politics at St. Anselm College. This rare occurrence sheds light on the increasing importance of the cryptocurrency industry in the political arena.

During the event, the candidates delved into the complexities of issues surrounding cryptocurrency, with Ramaswamy drawing attention to the Tornado Cash case. He highlighted the controversial implications of penalizing an entire protocol or mode of conducting business, asserting that it may be illegal and unconstitutional under current law. Ramaswamy eloquently likened code to a “form of speech,” demonstrating a deep understanding of the intricacies of the subject matter.

The discussion also broached the topic of potential legislation and regulatory frameworks for the crypto industry. Phillips expressed his support for a crypto market structure bill advanced by the House Financial Services Committee, emphasizing the importance of thoughtful decisions regarding privacy elements in crypto. Hutchinson voiced his assurance that the crypto industry is here to stay and emphasized the need for rule clarification, continued consumer confidence, affordable energy, and the ability to code for its flourishing.

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Potential Impact of Presidential Candidates’ Stance on Cryptocurrency

The detailed discussions held by the presidential candidates at the event signify a growing recognition of the significance and impact of cryptocurrency in the realm of politics and regulation. As the industry continues to evolve and expand, the stance and proposed policies of political figures towards cryptocurrency will likely have a substantial influence on the future trajectory of the industry.

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Here to stay

Hutchinson said on Monday that crypto “is here to stay.”

“I want to assure you that I want, under my administration, to make sure that crypto assets, the crypto industry flourishes,” Hutchinson said. “Let me repeat that, I want the crypto industry to flourish in America and that the United States will lead.”┬á

To do that, rule clarification, “continued consumer confidence,” the “ability to code,” and energy that is affordable are needed, Hutchinson added.┬á

Former President Donald Trump leads the Republican pool of candidates by far, according to news reports. Trump is followed by candidates Ron DeSantis, Nikki Haley, Ramaswamy, Chris Christie and lastly Hutchinson, according to 538. President Joe Biden leads the polls by far for Democrats, followed by Marianne Williamson and Phillips, according to 538. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

┬® 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.