Republican

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Robert Hyde is a Marine Corps veteran running for the United States Senate to represent the state of Connecticut. Although he initially rose to prominence due to his involvement in the Trump-Ukraine case, his stance on digital assets is simple and crystal clear: regulation is the way forward.
“Just as voters evaluate candidates based on their positions on taxes, healthcare, or national security, they should also consider how a candidate approaches innovation in financial technology and digital assets,” Hyde told Cointelegraph. “Cryptocurrencies and blockchain could impact everything from job creation and economic growth to personal financial freedom and national security,” he added.
The upcoming US Senate term will address central issues facing the crypto and blockchain industry, such as the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/fit21-bill-crypto-congress-cftc-sec-us" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cointelegraph.com/news/fit21-bill-crypto-congress-cftc-sec-us">Financial Innovation and Technology for the 21st Century Act (FIT21)</a>, which would clarify the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in overseeing different types of digital assets.&nbsp;
The Republican candidate is challenging Democratic Senator Chris Murphy, who crypto lobby groups consider to be “strongly against” the industry’s agenda.
The Connecticut candidate answered 10 questions about his views on digital assets and blockchain technology sent by Cointelegraph via email.
Name: Robert Hyde
Party: Republican
Running: US Senate, Connecticut
Cointelegraph: What is your stance on stablecoins? Should they be regulated like traditional financial instruments, and if so, how?
Robert Hyde: Stablecoins are a critical component in the evolution of digital finance, providing a reliable means for users to interact with cryptocurrencies while maintaining the stability of traditional currencies. I believe stablecoins offer immense potential for enhancing global payments, financial inclusion, and cross-border transactions. While some regulatory oversight is necessary to ensure consumer protection and maintain market confidence, it’s important that these regulations foster innovation rather than stifle it. Stablecoins should have clear guidelines for transparency and reserve backing, but we must avoid the kind of heavy-handed regulation that could push innovation offshore. A balanced, forward-looking regulatory approach is key to ensuring that the US remains a leader in the blockchain and crypto space.
CT: Do you support the development of a CBDC (digital dollar) in the US? Why or why not?
RH: The development of a central bank digital currency (CBDC) in the US is a complex issue with potential benefits and significant risks. On one hand, a digital dollar could modernize the financial system, increase payment efficiency, and improve financial inclusion. However, I have concerns about the potential risks to privacy, individual freedom, and the overreach of government control that could come with a centrally controlled digital currency.
While I support exploring innovative financial technologies, I believe we need to be cautious in how we approach the development of a CBDC. It’s important to strike the right balance between embracing innovation and protecting citizens’ privacy and the integrity of the financial system. I would support thorough research and testing before considering any wide-scale implementation of a digital dollar, ensuring that it aligns with our core values of freedom and economic stability. Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-candidate-curtis-bashaw-senate-new-jersey" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cointelegraph.com/news/crypto-candidate-curtis-bashaw-senate-new-jersey">Better Know a Crypto Candidate: Curtis Bashaw</a>
CT: Stablecoins have been pitched as a way to potentially extend US-dollar dominance by decades, do you agree with this plan, why or why not?
RH: I agree that stablecoins have the potential to extend US dollar dominance for decades, especially as digital currencies gain global traction. Stablecoins, backed by the US dollar, can help ensure that the dollar remains the preferred currency in global transactions, even in a digital world. By embracing this technology, we can modernize the US financial system and maintain our economic leadership. However, for stablecoins to truly support US dollar dominance, we need a regulatory framework that promotes innovation without stifling growth. A clear, supportive environment would encourage the use of US-backed stablecoins around the world, helping to secure the dollar’s position in the evolving global economy. I believe stablecoins could be a strategic asset in maintaining US influence, but we must ensure that their development aligns with our broader economic and national security interests.
CT: What role do you think Congress should play in regulating DeFi, and what specific risks or benefits do you see?
RH: Congress should play a key role in regulating decentralized finance (DeFi) by ensuring a balanced approach that promotes innovation while safeguarding consumers and financial stability. DeFi presents exciting opportunities for improving access to financial services, reducing transaction costs, and fostering innovation, but it also introduces significant risks, such as lack of oversight, potential for fraud, and cybersecurity vulnerabilities. The role of Congress should be to create clear, targeted regulations that address these risks without overburdening the industry. This means focusing on areas like Anti-Money Laundering (AML), consumer protection, and security standards while allowing DeFi platforms to continue innovating. Proper regulation can help bring legitimacy to DeFi, fostering growth while protecting investors and ensuring the integrity of our financial system. Ultimately, Congress should act as a facilitator, ensuring the US remains a leader in blockchain and financial innovation while mitigating the risks that come with decentralization.<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen frameborder="0" height="315" src="https://www.youtube.com/embed/7rIp46_wg2c" width="100%"></iframe>
CT: What role do you believe the SEC and/or CFTC should play in overseeing the cryptocurrency industry?
RH: I believe both the SEC and CFTC have important roles to play in overseeing the cryptocurrency industry, but their mandates must be clarified to avoid regulatory uncertainty. The SEC should focus on ensuring that digital assets classified as securities are properly regulated, providing investor protection and transparency. Meanwhile, the CFTC can oversee cryptocurrencies that function more like commodities, ensuring market integrity and preventing fraud. The key is to create a clear, consistent regulatory framework that allows innovation to flourish while protecting consumers and maintaining market stability. Rather than competing for oversight, the SEC and CFTC should collaborate to define clear rules for the industry, ensuring businesses know which laws apply to them. By reducing regulatory ambiguity, we can encourage growth in the US crypto space and keep America at the forefront of financial innovation.
CT: Some traditional banks are beginning to integrate cryptocurrency services. Do you support this trend, and how should Congress approach the regulation of banks that engage in crypto activities?
RH: I support the trend of traditional banks integrating cryptocurrency services, as it represents an important step toward modernizing the financial system and providing consumers with more options. When banks engage with crypto, they bring legitimacy, trust, and stability to a space that has often been seen as volatile and unregulated. This integration can help bridge the gap between traditional finance and the emerging digital economy, ensuring that the US remains a global financial leader. However, as banks expand into the crypto space, Congress must ensure that appropriate regulations are in place to protect consumers, prevent fraud, and maintain financial stability. This means crafting rules that encourage responsible innovation while holding banks to the same high standards of transparency and risk management that apply to other financial activities. I believe that smart, tailored regulation will allow both the banking and cryptocurrency industries to thrive together.<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen frameborder="0" height="315" src="https://www.youtube.com/embed/uFBDdyeI7rI" width="100%"></iframe>
CT: Do you personally own any cryptocurrencies or digital assets, and how does that influence your stance on these issues?
RH: My stance on these issues is shaped by a strong belief in fostering innovation, ensuring financial security, and maintaining the US’s global leadership in emerging technologies. Whether or not I hold digital assets, my focus is on creating a balanced regulatory framework that encourages growth in the cryptocurrency space while protecting consumers and ensuring market integrity. I approach these issues with an open mind, guided by the best interests of the American people and our economy.
CT: Looking ahead, where do you see the future of cryptocurrencies and blockchain technologies in the US over the next 10 years? What role will Congress play in shaping that future?
RH: Over the next 10 years, I see cryptocurrencies and blockchain technologies becoming more deeply integrated into various sectors of the US economy, from finance to supply chain management and beyond. These technologies have the potential to revolutionize everything from cross-border payments and financial inclusion to data security and transparency in governance. For the US to remain at the forefront of this transformation, Congress must play a proactive role in shaping a regulatory framework that balances innovation with security. I believe Congress’s role will be to establish clear, predictable rules that encourage responsible development of crypto and blockchain technologies while ensuring consumer protection and market stability. This includes promoting the US dollar’s role in digital assets, supporting blockchain research and education, and working with international partners to create a cooperative global regulatory environment. If we get the regulatory balance right, the US can remain a leader in blockchain innovation and set the global standard for responsible growth in this space.
CT: What is your position on the self-custody of digital assets?
RH: I fully support the right to self-custody digital assets, as it aligns with the principles of financial freedom and personal responsibility. Self-custody gives individuals greater control over their own wealth, allowing them to manage their assets independently without relying on third parties. This is one of the core innovations of blockchain technology and a key driver of the cryptocurrency movement. However, with that freedom comes the responsibility to ensure proper security measures are in place to protect those assets. While I believe in the right to self-custody, it’s important for individuals to be educated about the risks, such as losing access to their funds or falling victim to hacking. Congress should focus on promoting educational initiatives around self-custody and working with the industry to develop best practices for secure asset management without imposing unnecessary restrictions.
CT: What role do you think a candidate’s view on digital assets should have among voters in an election year?
RH: As digital assets and blockchain technologies continue to shape the future of our economy, a candidate’s view on these issues is becoming increasingly important for voters. Just as voters evaluate candidates based on their positions on taxes, healthcare, or national security, they should also consider how a candidate approaches innovation in financial technology and digital assets. Cryptocurrencies and blockchain could impact everything from job creation and economic growth to personal financial freedom and national security. Voters who are engaged with or invested in these technologies want to know that their representatives understand both the opportunities and the challenges that come with them. A candidate’s stance on digital assets signals how forward-thinking they are when it comes to the future of finance and innovation.
Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto voters are already disrupting the 2024 election — and it’s set to continue</a>

Better Know a Crypto Candidate: Robert Hyde

Cointelegraph

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