U.S. presidential candidates recently engaged in an in-depth discussion on cryptocurrency matters at the Stand with Crypto event, part of Coinbase's grassroots initiative.

Asa Hutchinson and Vivek Ramaswamy from the Republican side, and Democrat Dean Phillips, interacted with CoinDesk at the event held at the New Hampshire Institute of Politics at St. Anselm College.

The conversation notably touched on Tornado Cash, especially highlighted by Ramaswamy.

Last year, a judge sided with the Treasury Department's sanctioning of the crypto mixer, sparking debate in the crypto industry over the legality and constitutionality of such actions, as Tornado Cash is software, not a person.

Ramaswamy likened code to a form of speech, opposing the penalisation of entire protocols or business methods, favouring action against individual wrongdoers instead.

Surprisingly, cryptocurrencies featured in the recent Republican presidential debate, with topics ranging from Binance and ex-FTX CEO Sam Bankman-Fried to SEC Chair Gary Gensler.

Prospective regulatory measures

Phillips, questioned about interim measures for crypto businesses pending new legislation, expressed interest in the FIT 21 bill from the House Financial Services Committee.

He highlighted the importance of privacy in crypto but cautioned against its nefarious use.

Established for the long term

Hutchinson declared his commitment to the crypto industry's growth in America, emphasising the need for clear rules, consumer confidence, coding freedom, and affordable energy.

"I want to assure you that I want, under my administration, to make sure that crypto assets, the crypto industry flourishes,"

Hutchinson said.

"Let me repeat that, I want the crypto industry to flourish in America and that the United States will lead."

The current polls show former President Donald Trump leading the Republican candidates, followed by Ron DeSantis, Nikki Haley, Ramaswamy, Chris Christie, and Hutchinson.

For the Democrats, President Joe Biden leads, with Marianne Williamson and Phillips trailing.