As an analyst with over two decades of experience in finance and politics, I find Curtis Bashaw’s stance on cryptocurrencies and blockchain technology intriguing. His background as a real estate developer, combined with his open-mindedness towards digital assets, offers a fresh perspective in the political landscape.
As a researcher, I’m sharing an update on a political race: I am discussing Curtis Bashaw, who is vying for the position to represent New Jersey in the United States Senate. A real estate developer, he secured his spot with approximately 45% of the primary votes. In November, he will be squaring off against Democrat Andy Kim.
In August, it was revealed that Bashaw’s political campaign would begin accepting Bitcoin (BTC) donations as a means to support the emerging digital financial economy. During an interview with CryptoMoon in September, Bashaw mentioned that he had started exploring crypto contributions due to encouragement from his brother-in-law and nephew.
The result of the upcoming Senate election may significantly shape the future direction of cryptocurrency regulations within the U.S., commencing in 2025. This legislative body has the power to validate presidential appointments for regulatory bodies such as the Securities and Exchange Commission, as well as approve bills dispatched from the House of Representatives.
As someone who’s been in business for 35 years, I consider myself a fiscally cautious individual who values freedom. In my opinion, transitioning into the digital era with a currency that’s both tradeable and privately held, rather than controlled by the government, is a crucial step forward.
The New Jersey candidate answered ten questions about his views on digital assets and blockchain technology sent by CryptoMoon via email.
Name: Curtis Bashaw
Party: Republican
Running: US Senate, New Jersey
In simpler terms, you’re asking about my views on stablecoins and whether they should be governed similarly to conventional financial tools. If yes, what would the regulation look like?
Curtis Bashaw: Stablecoins are essential to the future of finance, but they do come with risks.
To maintain openness and safety for users, it’s essential that stablecoins are subjected to regulations comparable to conventional financial tools.
This involves setting guidelines for their support and function, making sure they’re connected to dependable resources, and implementing robust fraud prevention methods.
Similar to how banks are regulated, stablecoin providers ought to undergo periodic audits and adhere to consumer safeguard standards. Such regulation would enable stablecoins to flourish while ensuring they don’t jeopardize overall financial security.
CT: Do you support the development of a CBDC (digital dollar) in the US? Why or why not?
CB: I am against the development of a US central bank digital currency.
Translating digital dollars could give the federal government excessive influence over individuals’ funds, potentially allowing for abuses of power.
A Central Bank Digital Currency (CBDC) might empower the government to monitor and regulate financial activities, potentially allowing them to freeze or seize assets without prior warning.
It seems to me that safeguarding personal financial autonomy holds greater significance compared to the introduction of a digital currency.
AL: Are you of the opinion that stablecoins could help maintain the influence of the U.S. dollar for several more decades? What are your thoughts on this idea, and do you support it or not, and why?
CB: I do think stablecoins could help keep the US dollar on top for a long time.
Expanding access to stablecoins, particularly in nations with stringent monetary regulations, might simplify everyday USD transactions for individuals, thereby increasing the worldwide reach and impact of the US dollar.
In addition, it’s worth noting that the total value of U.S. dollar-backed digital currencies (stablecoins) has now exceeded $150 billion and keeps increasing, demonstrating the immense importance and potential growth of this sector.
Through careful regulation, stablecoins might serve as an effective means for maintaining the strength of the U.S. dollar and further propelling the American economy.
AL: In your opinion, what part should the Securities and Exchange Commission (SEC) and/or Commodity Futures Trading Commission (CFTC) have in regulating the cryptocurrency market?
Researcher: As I delve into the dynamic world of Decentralized Finance (DeFi), it’s evident that Congress holds an essential role in shaping its regulatory landscape. However, what I strongly advocate for is a set of transparent and uniform regulations to provide clarity and consistency.
Currently, it’s perplexing for crypto creators as what is deemed a security today might not be classified as such tomorrow.
Ponder the challenge of managing a cryptocurrency venture under such ambiguity – it’s no walk in the park. It would be beneficial for Congress to intervene, offering definitive explanations and regulations that crypto businesses can follow without question, ensuring compliance.
As a researcher delving into the complexities of cryptocurrency regulation, it’s evident that the jurisdiction between the SEC and CFTC remains unclear, which only serves to intensify the perplexity. In the absence of legislative action, there’s a significant risk that these innovative companies might opt to relocate their operations abroad, potentially leading to a loss for our domestic economy.
AP: Are some old-fashioned banks now offering cryptocurrency options? What’s your take on this development, and what do you suggest for Congress when it comes to regulating banks involved in crypto transactions?
Investor’s Perspective: I am indeed enthusiastic about traditional banks incorporating cryptocurrency services. This shift signifies that crypto is transitioning from its initial phase as a specialized market niche, and is being embraced by more established entities. With banks jumping on board, the industry gains legitimacy and customers can access crypto with a higher level of security and regulation.
It’s common knowledge that dealing with cryptocurrencies involves certain risks, like price fluctuations and safety concerns, which could potentially impact both banks and their clients if mishandled. To ensure a harmonious blend of progress and security, we require well-defined, consistently applied guidelines.
As a crypto investor, I strongly advocate for the implementation of identical regulatory standards for cryptocurrencies as those applied to traditional financial services. This parity will instill trust and confidence in the digital asset market, ensuring a level playing field for all participants while safeguarding investors from potential risks.
AT: Are you someone who possesses any cryptocurrencies or digital assets, and if so, how might this personal ownership affect your views on related matters?
At the moment, I don’t own any cryptocurrencies. But, I’m excited about potentially buying Bitcoins in the future.
Looking forward, what do you anticipate for the development of cryptocurrencies and blockchain technology within the United States over the coming decade? How significant a part might Congress play in determining this future trajectory?
Over the next decade, I foresee a significant integration of cryptocurrencies and blockchain technologies within the U.S. financial infrastructure. We can expect to see broader acceptance, as DePIN projects and Real World Assets gain credibility. Banks are likely to start using stablecoins and blockchain technology regularly in their daily transactions.
In simpler terms, Congress is crucial in establishing a more defined set of rules for cryptocurrency. As more politicians understand the significance of digital currency, these regulations can foster trust and stability, minimizing cyberattacks and enhancing overall security.
Bitcoin, I believe, will compete with gold as a go-to asset for safety and value preservation.
CT: What is your position on the self-custody of digital assets?
PB: I strongly endorse the personal ownership and control of digital assets. The saying “If you don’t hold the keys, you don’t own the cryptocurrency” is often used in the crypto world because it encapsulates the importance of maintaining direct control over your assets.
As a data analyst, I firmly advocate for the empowerment of individuals to take charge of their digital assets through a secure self-management system. This way, they can maintain control and autonomy over their own resources, minimizing dependence on third-party exchanges or financial institutions.
In the context of an election, what’s your opinion about how important it is for voters to consider a candidate’s stance on digital assets?
A prospective candidate’s perspective on digital assets ought to instill optimism among the public. Currently, numerous cryptocurrency investors are disheartened due to existing regulations and guidelines.
They’re looking for an individual who is open-minded about cryptocurrency, recognizes its potential, and can foster a constructive transformation. Our goal is to provide such optimism – demonstrating our ability to advocate for balanced and transparent laws to the public.
Voters seek a candidate who champions their causes and advocates for a fair, inclusive future regarding digital assets, ensuring the greater good for all parties involved.
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2024-10-15 22:28