One of the US presidential candidates suggested that US legislators improve the legal framework for cryptocurrencies in order to prevent incidents like the collapse of the FTX exchange.

Vivek Ramaswamy criticized the vague approach to cryptocurrency regulation during a recent debate. The politician mentioned the recent guilty plea of ​​the former CEO of the largest crypto exchange Binance, Changpeng Zhao, suspected of violating sanctions. If the US had clear rules for oversight of the crypto industry, the situation with Binance might not have happened, the newly minted candidate is sure. Even the FTX crypto exchange could avoid bankruptcy, and investor funds would remain safe.

“Fraudsters, criminals and terrorists have been defrauding people using cryptocurrencies for a long time. The collapse of FTX proves that current legislation is not suitable for crypto assets. The rules must be in line with current realities,” Ramaswamy said.

The presidential candidate proposed a plan to reduce the staff of the US Securities and Exchange Commission (SEC) and reduce regulation. According to Ramaswamy, most cryptocurrencies should be considered commodities so that they are not subject to SEC jurisdiction. The politician explained: SEC Chairman Gary Gensler could not even confirm to Congress whether ether is a regulated security.

Vivek Ramaswamy is one of the few politicians who accepts donations in Bitcoin for his political campaign. He previously opposed the launch of the digital dollar, calling it a serious violation of the privacy of American citizens.