Ron Paul, a former presidential candidate and congressman, is of the notion that a call to ban the purchase of cryptocurrencies made by Rep Brad Sherman (D-Calif.) in the U.S. is a horrible idea.
He made this claim at the CoinDesk Consensus 2019 conference. He discussed a couple of topics on the Blockchain and digital currency industry and also his idea that the government of the U.S should leave the future tech industry alone and let it thrive.
“Detail wise, I don’t know what they’re doing yesterday or today, but I do know they’re watching,”… “Whether it’s gold or peanuts or silver or whatever, they will not just give cryptocurrencies a free ride.”
He also dismissed his fellow congressman’s call for a cryptocurrency ban at a congressional hearing on May 9 2019.
According to Rep. Brad Sherman, the House Financial Services Committee member:
“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans,”
After the comment, Paul then called the congressman:
“Another thug in Washington.”…
He also added
“They happen to believe they know what is best and they will run the show. They want to be the boss, they’re dictators, and he’s not unusual,”
“He’s very typical in all degrees in all issues, whether it’s a social issue, like a few years ago when they decided the worst thing in the world is smoking marijuana.”
“People like him are driven by power,” he also added.
“I think anarchy comes from the Brad Shermans of the world because they break down the world and that’s how you have anarchy in [Venezuela], because of [too much government],”
Paul also emphasized that the primary reason congressmen were looking at the industry is that they challenge the monetary system’s status quo.
He said that the present United States monetary system and the economy are gradually losing its value due to several factors such as high debt level.
“The system we have today is not viable, it’s out of control, the amount of debt that’s building up we might end up with the dollar but not the system,” he explained also mentioning several issues such as military, social and corporate welfare.
“That is the system, and we are flat out broke, we’ve been broke for some time,”… “There will be liquidation when the debt gets this big, the debt has to disappear.”
He also believes the crypto space has the potential to prevent this
“I don’t know how it will evolve, and I don’t know the technology, but I’m enthusiastic about the alternatives and the competition and the … way, it’s set up, that’s what they promised, is limitations.”
The main challenge now is “choice” according to the congressman. People need to be given the privilege to develop and utilize alternatives, he said.
When Coinbase asked him about the type of crypto policy he might choose if he was to run for the presidency, He said he would advocate for what is basically a proper regulatory regime.
“I can only speak for myself but I think it’s pretty important is not to come in, and the first two to three options on cryptocurrency are ‘one’s better than another, and we want to manage it,’ no, you turn it loose … you try to keep the government out of it as much as possible.”
“There’s probably more regulators on the financial markets than I would have, but if you didn’t have anybody punishing people who defrauded people, there’s still a lot of fraud,”
Although he mentioned that the regulations have not prevented fraud in the space.
He feels that should not deter him and would like to decentralize the regulatory authority, so each state has its own state regulatory body to manage the affairs of the cryptocurrencies and their exchanges and not a central institution at Washington, D.C or even New York.
“Government should be so small that nobody has a financial advantage to being there.”