• The US politician suggested abolishing the SEC.
  • He believes the market should regulate itself. 

Ron Paul, a former congressman from Texas and one of the most vocal cryptocurrency supporters in the US political establishment, believes that the Securities and Exchange Commission (SEC) should stay away from cryptocurrencies and allow the industry evolving on its own. 

He shared his opinion and vision for the cryptocurrency future at  Consensus 2019 in New York. 

Commenting on decentralization issues, he said:

“If you look at money, the total centralization of money in the Federal Reserve system and they have legal tender law. You’re not allowed to compete. You’re not even allowed to compete with gold and silver which is in the constitution. It’s centralized in the hands of the people who print money.”

He supports the view that the market should regulate itself with no interference from the outside. The government should not influence the process unless there is some fraud is involved. 

However, his best comments deal with the SEC known for its critical approach towards cryptocurrencies.

“Get rid of the SEC. That would be ideal,” he said when asked to pick between the position of SEC’s advisor on digital assets Valerie Szczepanik, and Hester Peirce, a commissioner at the SEC. 

It is worth noting that in 2017 Ron Paul was featured in a TV commercial of a Bitcoin-based pension fund Coin IRA. He shared his excitement about Bitcoin in a clip rotated by FOX Business. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD settles above $9,800, vulnerable to new losses

Bitcoin (BTC) managed to recover above $9,800 after a bloody crash towards $9.600 during early Asian hours. At the time of writing, the first digital asset is changing hands at $9,860, down 3.5% on a day-on-day basis.

More Bitcoin News

Ethereum (ETH) price analysis: ETH/USD stays above $200.00, bulls don't give up

The second-largest cryptocurrency with the current market capitalization of $22.4 billion hit $217.60 on Wednesday. While the coin has retreated to $207.50 by the time of writing, the overall sentiments remain bullish as the coin stays above a critical $200.00.

More Ethereum News

Litecoin price analysis: LTC/USD retreats back within the short-term channel

Litecoin has retraced from Wednesday's high of $79.15 to trade at $74.37 by the time of writing. The fifth-largest coin with the current market value of $4.7 billion has lost nearly 2% of its value in recent 24 hours and decreased by 4.5% since the beginning of the day. 

More Litecoin News

The cryptocurrency market update: Bitcoim settles at new lows, altcoins deep in red

The cryptocurrency market is a sea of red today as Bitcoin and major altcoins - with some notable exceptions - are falling down rapidly. The total market capitalization of all digital assets in circulation dropped to $263 billion.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast