Digital Assets: Government Could Crack Down On Bitcoin (Ron Paul)
Separately, ex-SEC Chair Jay Clayton also warned of potential new regulations around bitcoin.
Former presidential candidate Ron Paul sounded the alarm bells on a government crackdown on bitcoin at an interview last week with Kitco News’ Michelle Makori.
Makori quizzed Paul, on whether the government could enact legislation to prevent a flight of capital to “safe haven” assets that are a foil to the dollar such as gold or bitcoin. (Bitcoin.com)
Ron Paul on government crackdown
Ron Paul, who is also an American author, physician, and retired politician, replied in the affirmative.
“Absolutely … the government is the threat because they will crackdown because they have the ability to do it,” he said. “We had a taste of [a free society]. If you don’t know where to start, just start with the Constitution, that might give you an idea of what a free society is all about.”
Speaking “as a citizen” on a CNBC Squawk Box interview last week, former SEC chair Jay Clayton also warned of new regulations that could target bitcoin.
“Where digital assets land at the end of the day will be driven in part by regulation both domestic and international, and I expect that regulation will come in this area both directly and indirectly,” he said about bitcoin.
The cryptocurrency industry will best remember Clayton for his action against Ripple Labs Inc. on the day of his departure from the SEC. On that day, the regulator filed a lawsuit against Ripple, alleging that it raised over $1.3 billion through the sale and distribution of the digital assets of XRP without registering.
The SEC, during Clayton’s tenure, also refused to approve any applications for a bitcoin ETF.
Related Story: Clayton’s Parting Shot At Crypto – SEC To Sue Ripple
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