US Congressman: “Get rid of the SEC, let the Market Regulate Crypto”

One of the leading voices in the fight for sounds-money Libertarianism has called for decentralisation. Dr Ron Paul is a twelve-term Congressman and perennial Presidential candidate who made his first appearance at Consensus 2019 in order to push for decentralised politics.

Paul had some harsh words for the Federal Reserve and the Securities and Exchange Commission too.

Paul is set to deliver a keynote speech at the first ever hackathon devoted to creating decentralised solutions for democracy. The hackathon will explore innovations in participatory governments, enabled by blockchains and smart contracts technology.

The announcement was published by a non-profit organisation for cryptocurrency leaders and political operatives, the digital asset policy network which advocates for more open regulatory and taxation policies.

The aim of the hackathon seems to be very much in line with what Paul believes for minimal government and deregulation.

Paul has said in the past, “that’s one reason I’m interested in the technology, because it decentralizes things.”

He continued:

“So 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. They commit the fraud, they become the counterfeiters.”

Removing the SEC

Although his biggest fights might be behind him, Paul didn’t hold back when talking about regulation:

‘I’d let the market regulate [cryptocurrencies]” he said. “I wouldn’t have the government do anything, other than if somebody’s committing fraud….If you need regulations, the market should regulate, they shouldn’t have any subsidies or any bailouts or anything. But if there’s corruption, the government should be involved.”

The congressman was questioned on whether he would have any advice for the commissioner Hester Pierce or Valerie Szczepanik to which he simply said:

“Get rid of the SEC. That would be ideal.”

Getting rid of the SEC is an interesting thought.

The consequences of removing such a key government body would have a much more significant impact that you would think.