In response to the recent guilty plea of former Binance CEO Changpeng “CZ” Zhao, Vivek Ramaswamy, a candidate running on a platform of reducing the SEC workforce and loosening crypto regulations, has slammed current regulatory frameworks. He believes they are ineffective and fail to stop fraudsters, criminals, and terrorists. Ramaswamy criticized SEC Chair Gary Gensler for being unable to confirm whether Ethereum is a regulated security in front of Congress and proposes treating most cryptocurrencies as commodities outside the SEC’s jurisdiction.