Better Know a Crypto Candidate: Kari Lake

As a seasoned investor with a keen interest in cryptocurrencies, I find Kari Lake’s stance on digital assets intriguing. Her pro-crypto rhetoric and support for stablecoins resonate with me, especially considering her emphasis on fostering an environment that encourages growth and innovation. However, her skepticism towards CBDCs aligns with my own concerns about centralization of power.

Kari Lake has announced her bid for a seat in Arizona’s U.S. Senate. A conservative Republican who disputed her defeat in the 2022 gubernatorial race, she is set to challenge Democratic candidate Ruben Gallego in the upcoming November elections.

As an analyst, I updated my campaign platform in August to incorporate a sturdy yet accessible infrastructure aimed at safeguarding the cryptocurrency economy.

She claimed to be a “pro-crypto candidate” on X, supporting some of Republican presidential candidate Donald Trump’s statements advocating for Bitcoin (BTC) “as a last line of defense against our foreign adversaries.”

Instead, it’s worth noting that over $10 million, backed by cryptocurrency, has been used by the political action committee (PAC) Protect Progress – a partner of Fairshake – to boost Gallego’s campaign for a Senate seat, as opposed to supporting Lake.

In his role as the representative for Arizona’s 3rd Congressional District, Gallego supported the FIT21 Act and put forward a motion to reverse SEC Staff Accounting Bulletin No. 121.

If the results favor candidates such as Lake and Gallego in upcoming elections, the control of the U.S. Senate could potentially transition to the Republican party by 2025. This legislative body plays a crucial role in approving presidential nominations for regulatory bodies like the SEC, as well as passing bills that originate from the House of Representatives.

The Arizona candidate answered 10 questions about her views on digital assets and blockchain technology sent by CryptoMoon via email.

Name: Kari Lake

Party: Republican

Running: US Senate, Arizona

Inquirer: CryptoMoon, I’d like to know your views on stablecoins. Do you think they should be governed similarly to conventional financial tools, and if yes, what would the regulation entail?

Kari Lake: It seems reasonable to have a light regulatory framework in the field of cryptocurrency, one that allows room for expansion, innovation, and financial ingenuity to thrive.

Given the transparency created by blockchain, the push to regulate stablecoins as banks is excessive and unnecessary. For the long-term growth of the industry, however, a reasonable framework of regulation could represent an opportunity to expand the potential investor field.

Aiming to collaborate with stakeholders in the stablecoin sector, both investors and developers, I plan to establish a system tailored to their requirements.

CT: Do you support the development of a CBDC (digital dollar) in the US? Why or why not?

As a crypto investor, I firmly believe in the value of decentralized digital currencies as a bulwark against the growing centralization of power by certain governments, which seem to be exhibiting an increasingly authoritarian stance.

AL: Is it your belief that stablecoins could prolong the influence of the U.S. dollar for several more decades? What are your thoughts on this idea, and do you find it convincing?

KL: I strongly advocate for maintaining U.S.’s leading position in the cryptocurrency market, and this strategy serves as an effective safeguard against potential currency depreciation by BRIC countries and a possible shift away from the U.S. Dollar as the global reserve currency.

How would you envision the involvement of Congress in governing Decentralized Finance (DeFi), and could you highlight any potential advantages or challenges associated with it?

KL: A very limited one, ensuring the fair exchange of accruals under DeFi contracts.

As a crypto investor, I believe that both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should have an active role in governing the cryptocurrency industry. They should work together to ensure transparency, fairness, and safety for all investors, as well as establish clear regulations for this rapidly evolving market. This includes enforcing anti-fraud measures, promoting market integrity, and providing guidance on compliant investment practices. Their oversight is crucial in building trust and confidence among both existing and potential crypto investors.

KL: Primarily one engaged in preventing fraud, with VERY limited authority in other areas.

AL: Are some established financial institutions starting to offer cryptocurrency services now? What’s your take on this development, and what do you think is the appropriate way for lawmakers to handle regulations regarding banks involved in cryptocurrency transactions?

AL: It’s a good idea for banks to have the willingness and capabilities to provide cryptocurrency services to their clients. Congress should exercise caution when imposing regulations, particularly at the onset, and establish moderate asset/risk ratios for bank-held cryptocurrencies in liquidity considerations. This approach ensures a cautious and balanced regulation of this new financial sector.

Question: Are you personally invested in any cryptocurrencies or digital assets, and if so, how might this affect your viewpoints related to them?

Indeed, a smaller quantity is involved. This encourages me to listen to opinions from both proponents and skeptics of cryptocurrencies as I consider the direction of my investments and the overall market trend.

Looking forward, what do I foresee for the development of cryptocurrencies and blockchain technologies within the U.S. in the coming decade? And how might Congress influence this trajectory?

A more effective approach for Congress could involve taking a restrained position, relying on insights from industry specialists. This is because crypto and blockchain technologies show great promise in reshaping the global financial system, removing remaining obstacles that hinder open and equitable commerce.

CT: What is your position on the self-custody of digital assets?

Suggestion: It’s important that individuals have the freedom to own any asset they prefer, in the way that suits them best, as long as it doesn’t involve fraud.

How significant do you believe the stance of a candidate on digital assets is for voters during an election cycle?

PARAPHRASING: The field of digital assets is a significant and swiftly expanding sector generating new prosperity. Any political candidate who fails to endorse the ongoing advancement, expansion, and maturity of digital assets and related industries is potentially harming their country.

2024-10-17 23:45

Read More