Republican candidates promise to shake up crypto regulations
Republican candidates running for the US Presidency have made bold promises regarding the cryptocurrency industry. Among their pledges are to commute the sentence of Silk Road founder Ross Ulbricht, dismiss SEC Chairman Gary Gensler, and promote the mining of Bitcoin within the country’s borders.
Commuting Ross Ulbricht’s sentence
If elected, the Republican candidates have vowed to commute the sentence of Ross Ulbricht, who is currently serving a double life sentence without the possibility of parole for his involvement in operating the Silk Road, an online marketplace for illegal goods and services. Ulbricht’s case has been a contentious issue in the crypto community, with many supporters calling for his release.
Firing SEC Chairman Gary Gensler
The Republican candidates have also taken aim at SEC Chairman Gary Gensler, accusing him of overstepping his authority and stifling innovation in the crypto space. They have promised to replace Gensler with someone who will adopt a more hands-off approach to regulating cryptocurrencies, allowing the industry to flourish without unnecessary restrictions.
Promoting Bitcoin mining in the US
Another key aspect of the Republican candidates’ platform is their commitment to promoting the mining of Bitcoin within the United States. By incentivizing and supporting domestic Bitcoin mining operations, they aim to reduce the country’s reliance on foreign sources of cryptocurrency and bolster national security.
In conclusion, the Republican candidates for US President are advocating for significant changes to the regulation of cryptocurrencies, with promises to commute Ross Ulbricht’s sentence, fire SEC Chairman Gary Gensler, and promote the mining of Bitcoin within the country. Their proposals have sparked debate within the crypto community and could have far-reaching implications for the future of the industry.