- Former US presidential candidate Ron Paul spoke out in defense of crypto during consensus 2019
- This was in response to a congressman suggesting a crypto purchase ban
There is no shortage of prominent political figures bashing cryptocurrency as the industry has been under a microscope from the public since it first came on the scene. This can be seen in a European Central Bank official referring to Bitcoin as an evil spawn of the financial crisis and even the JP Morgan CEO bashing crypto, only for his company to eventually announce one of their own.
But, as public opinion towards crypto shifts, it is more likely to be defended on the world stage. An example of this was when Ron Paul this week spoke up in crypto’s defense after it was criticized by a congressman during a debate.
Federal government should not regulate crypto
The incident in question took place when Ron Paul, a former Republican presidential candidate and former US congressman took part in Consensus 2019 in New York City and discussed his view that the Federal Government should not get involved in cryptocurrency and instead allow it to remain a private industry. US Rep Brad Sherman, a Democrat, made mention of a motion to ban cryptocurrency purchases during a May 9, 2019, House Financial Services Committee meeting.
This is not unheard of as cryptocurrency is banned in countries like China and this has served to stifle the growth of the industry in that part of the world, much to the dismay of crypto enthusiasts.
Paul was having none of this and referred to the congressman as just another thug in Washington and stated that people like him are only driven by power. He also said that crypto is actively challenging the current traditional monetary system in the United States and around the world and thus, has been the focus of a lot of attention from lawmakers. For him, the current system is entirely out of control and crypto provides a viable alternative to those who wish to break free of it.
Start ups needing less regulation
He also stated that if he was President, his government would not get involved in crypto and instead would allow the currency to thrive on its own. He would also decentralize regulation and limit the control that agencies have over startups in the United States, which is also a hot-button issue.
Crypto has, in recent times, played more of a role in US presidential elections as John McAfee has launched a presidential bid solely to bring attention to crypto-related issues.