The SEC should stay away from cryptocurrencies - Ron Paul

  • 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. 
 

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