Get to know cryptocurrency filter better: Carrie Lake
Kari Lake is running to represent Arizona in the U.S. Senate. A far-right Republican who has refused to concede her loss in the 2022 gubernatorial election, she will face Democrat Ruben Gallego in November.
In August, Lake updated its campaign platform to include “building a robust but open framework to protect the crypto economy.”
She claimed to be a “pro-crypto candidate” on X, and supported some of Republican presidential candidate Donald Trump’s statements calling for Bitcoin (BTC) to be used as “a last line of defense against our foreign adversaries.”
However, Fairshake’s crypto-backed political action committee (PAC) Protect Progress has spent more than $10 million since August to support Gallego’s bid for a Senate seat in Lake’s place.
As a representative of Arizona's 3rd Congressional District, Gallego voted in favor of the FIT21 Act and the resolution to repeal SEC Accounting Bulletin 121.
Control of the U.S. Senate could shift to Republicans as early as 2025, depending on the outcome of races like Lake and Gallego. The government body has the power to confirm presidential nominations, to regulators like the Securities and Exchange Commission, and to pass bills sent by the House of Representatives.
The Arizona candidate answered 10 questions about her views on digital assets and blockchain technology sent to Cointelegraph via email.
Name: Lake Kari
Party: Republican
Running: U.S. Senate, Arizona
Cointelegraph: What is your stance on stablecoins? Should they be regulated like traditional financial instruments, and if so, how?
Carrie Lake: As with other areas of cryptocurrency, a simple regulatory structure that ensures room for continued growth, experimentation, and economic innovation is likely the best alternative.
Given the transparency that blockchain technology provides, the pressure to regulate stablecoins as banks is excessive and unnecessary. But for the long-term growth of the industry, a reasonable regulatory framework could represent an opportunity to expand the pool of potential investors.
My goal is to work with stablecoin investors and developers to produce a framework that meets their needs.
CT: Do you support the development of a central bank digital currency (CBDC) in the United States? Why or why not?
Kuala Lumpur: No. A decentralized digital currency is a crucial defense against the increasing centralization of power by governments that are currently showing a strong authoritarian tendency.
CT: Stablecoins have been floated as a potential way to extend the US dollar’s dominance for decades. Do you agree with this plan? Why or why not?
KL: Yes, and more broadly, I think ensuring that the US remains at the forefront of crypto markets – and protecting the freedom of those markets – is a great hedge against the BRICS devaluation of the dollar and the abandonment of the US dollar as the global reserve.
CT: What role do you think Congress should play in regulating DeFi, and what specific risks or benefits do you see?
KL: A very limited one, ensuring fair exchange of receivables under DeFi contracts.
CT: What role do you think the SEC and/or CFTC should play in overseeing the cryptocurrency industry?
KL: It primarily works to prevent fraud, with very limited authority in other areas.
CT: Some traditional banks have started integrating cryptocurrency services. Do you support this trend, and how should Congress approach regulating banks that engage in cryptocurrency activities?
KL: Yes, banks should have the capacity and interest to offer cryptocurrency services to their customers. Congress should be careful not to overly broaden the scope of regulation in the process, especially at the outset, and simply set conservative asset/risk ratios for crypto assets that banks hold in liquidity accounts.
Q: Do you personally own any cryptocurrencies or digital assets, and how does that affect your position on these issues?
KL: Yes, it’s a small amount. This makes me open to listening to both crypto proponents and detractors alike as I evaluate the future of my investments and the market as a whole.
CT: Looking ahead, where do you see the future of cryptocurrencies and blockchain technologies in the United States over the next 10 years? What role will Congress play in shaping that future?
KUALA LUMPUR: Congress would be better off playing a limited role led by industry experts, as crypto and blockchain technologies have the potential to transform the global economic landscape and eliminate some of the last remaining barriers to free and fair trade.
Q: What is your position on self-custody of digital assets?
KUALA LUMPUR: People should be allowed to own whatever assets they want, in the way they choose, while preventing fraudulent activities.
Q: In your opinion, what role should a candidate’s view on digital assets play among voters in an election year?
KUALA LUMPUR: Digital assets are a key and fast-growing industry that creates new wealth; candidates who refuse to support the continued development, growth and maturity of digital assets and related industries are doing the nation a disservice.
Magazine: Crypto Voters Are Already Disrupting the 2024 Election—And It’s Set to Continue
