Cryptocurrency took center stage at the Republican presidential debate Wednesday night, with candidates offering contrasting views on the industry’s future.

According to a report by Sam Reynolds for CoinDesk, Vivek Ramaswamy, a Republican leadership contender, used the recent legal troubles of former Binance CEO Changpeng “CZ” Zhao as a springboard to call for a drastic overhaul of crypto regulations.

“Our regulations need to catch up with the current moment,” Ramaswamy said, arguing that most cryptocurrencies should be treated as commodities outside the jurisdiction of the U.S. Securities and Exchange Commission (SEC).

He also criticized SEC Chair Gary Gensler’s stance on Ethereum’s regulatory status, saying it’s “embarrassing” that Gensler “couldn’t even confirm in front of Congress” whether the cryptocurrency is a regulated security.

“This is another example of the administrative state going too far,” Ramaswamy declared.

Robert F. Kennedy Jr., a former Democrat running as an independent, offered a different perspective, proposing to exempt Bitcoin from capital gains tax and backing the dollar with assets like gold and Bitcoin.

He also advocated for the right to self-custody Bitcoin and run blockchain nodes, arguing that these measures would strengthen the dollar and encourage financial innovation and privacy.

Florida Governor Ron DeSantis took a more cautious approach, stating that Central Bank Digital Currencies (CBDCs) would be “dead on arrival” if he is elected president.

DeSantis’s stance echoes the concerns of many Floridians, who flooded his office with phone calls about the issue during the summer. He signed a bill purporting to ban CBDCs in the state, although legal experts remain skeptical about its effectiveness.

The debate also saw Ramaswamy make controversial claims, asserting that the January 6th attack on the U.S. Capitol was an inside job and expressing support for the “Great Replacement Theory,” a conspiracy theory alleging a deliberate plan to replace white populations with other groups.

These remarks sparked heated debate among pundits and viewers, raising questions about the role of such views in the political landscape.

The diverse perspectives on cryptocurrency presented at the debate highlight the growing significance of the industry in the political arena and its potential to shape future economic policies. As the debate continues, it remains to be seen how these differing views will ultimately influence the regulatory environment and the future of digital currencies.

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