Robert Hyde, a veteran of the Marine Corps, is running for the United States Senate to represent the state of Connecticut. While initially gaining recognition for his involvement in the Trump-Ukraine affair, his stance on digital assets is simple and 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 can impact everything from creating jobs and economic growth to personal financial freedom and national security,” he added.
The upcoming term of the U.S. Senate will address key issues facing the crypto and blockchain industry, such as the Financial Innovation and Technology Act for the 21st Century (FIT21) which would clarify the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in overseeing various types of digital assets.
The Republican candidate is challenging Democratic Senator Chris Murphy, who crypto lobbying groups describe as “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
Race: U.S. 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 crucial part of the evolution of digital finance, providing users with a reliable means to interact with cryptocurrencies while maintaining the stability of traditional currencies. I believe stablecoins offer tremendous potential for improving global payments, financial inclusion, and cross-border transactions. While some regulatory oversight is necessary to ensure consumer protection and market confidence, it is important that this regulation promotes innovation rather than stifling it. Stablecoins should have clear guidelines for transparency and reserve backing, but we should avoid the kind of heavy-handed regulation that could push innovation overseas. A balanced, forward-looking regulatory approach is essential to ensure that the U.S. remains a leader in blockchain and crypto.
Cointelegraph: Do you support the development of a CBDC (digital dollar) in the U.S.? Why or why not?
Robert Hyde: The development of a central bank digital currency (CBDC) in the U.S. 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 enhance financial inclusion. However, I am concerned about the potential risks to privacy, individual freedom, and government control that could accompany a centrally controlled digital currency.
While I support exploring innovative financial technologies, I believe we should be cautious in how we approach the development of a CBDC. It is important to strike the right balance between embracing innovation and protecting the privacy of citizens and the integrity of the financial system. I would support thorough research and testing before considering a large-scale implementation of a digital dollar, ensuring that it aligns with our core values of freedom and economic stability.
Related: Get to Know a Crypto Candidate: Curtis Bashaw
Cointelegraph: Stablecoins have been pitched as a way to possibly extend the dominance of the U.S. dollar by decades. Do you agree with this plan, why or why not?
Robert Hyde: I agree that stablecoins have the potential to extend the dominance of the U.S. dollar for decades, especially as digital currencies gain popularity worldwide. Stablecoins, backed by the U.S. dollar, can ensure that the dollar remains the preferred currency for global transactions, even in a digital world. Embracing this technology can modernize the U.S. financial system and maintain our economic leadership. However, to truly support the dominance of the U.S. dollar, we need a regulatory framework that promotes innovation without hindering growth. A clear, supportive climate would encourage the use of U.S.-backed stablecoins worldwide, securing the dollar’s position in the evolving global economy. I believe stablecoins can be a strategic asset in maintaining U.S. influence, but we must ensure that their development aligns with our broader economic and national security interests.
Cointelegraph: What role do you think Congress should play in regulating DeFi, and what specific risks or benefits do you see?
Robert Hyde: 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 offers exciting opportunities to improve access to financial services, reduce transaction costs, and drive innovation, but also brings significant risks such as lack of oversight, potential for fraud, and cybersecurity vulnerabilities. Congress’s role should be to create clear, targeted regulation that addresses these risks without overburdening the industry. This means focusing on areas like anti-money laundering (AML) enforcement, consumer protection, and security standards, while allowing DeFi platforms to continue innovating. Good regulation can help increase the legitimacy of DeFi, promote growth, protect investors, and ensure the integrity of our financial system. Ultimately, Congress should act as a facilitator and ensure that the U.S. remains a leader in blockchain and financial innovation while limiting the risks associated with decentralization.
Cointelegraph: What role do you think the SEC and/or CFTC should play in overseeing the cryptocurrency industry?
Robert Hyde: I believe both the SEC and the CFTC play a crucial role in overseeing the cryptocurrency industry, but their mandates need to be clarified to avoid regulatory uncertainty. The SEC should focus on ensuring that digital assets classified as securities are properly regulated, providing investors with protection and transparency. Meanwhile, the CFTC can oversee cryptocurrencies that function more as commodities, ensuring market integrity and preventing fraud. The key is to create a clear, consistent regulatory framework that enables innovation while also protecting consumers and maintaining market stability. Instead of competing for oversight, the SEC and CFTC should collaborate to define clear rules for the sector so that companies know which laws apply to them. By reducing regulatory ambiguity, we can stimulate growth in the US crypto space and position America as a leader in financial innovation.
Some traditional banks are beginning to integrate cryptocurrency services. Do you support this trend, and how should Congress approach regulating banks engaging in crypto activities?
I support the trend of traditional banks integrating cryptocurrency services as it signifies a crucial step towards modernizing the financial system and providing more options to consumers. When banks engage with crypto, they bring legitimacy, trust, and stability to a space often seen as volatile and unregulated. This integration can bridge the gap between the traditional financial sector 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 appropriate regulations are in place to protect consumers, prevent fraud, and maintain financial stability. This means creating rules that encourage responsible innovation while holding banks to the same high standards of transparency and risk management as applied to other financial activities. I believe smart, tailored regulation will allow both the banking and cryptocurrency industries to thrive.
Do you personally own cryptocurrencies or digital assets, and how does that influence your stance on these issues?
My stance on these issues is shaped by a strong belief in promoting innovation, ensuring financial security, and maintaining US global leadership in emerging technologies. Whether I own digital assets or not, my focus is on creating a balanced regulatory framework that stimulates growth in the cryptocurrency space while also 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.
Where do you see the future of cryptocurrencies and blockchain technologies in the US over the next ten years? What role will Congress play in shaping that future?
I see cryptocurrencies and blockchain technologies becoming more deeply integrated into various sectors of the American economy over the next decade, 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 governance transparency. If the US wants to remain at the forefront of this transformation, Congress must play a proactive role in shaping a regulatory framework that balances innovation and security. I believe it will be Congress’s role to establish clear, predictable rules that encourage responsible development of crypto and blockchain technologies while also ensuring consumer protection and market stability. This includes promoting the role of the US dollar in digital assets, supporting research and education in blockchain, and collaborating with international partners to create a cooperative global regulatory environment. Finding the right balance in regulation will allow the US to remain a leader in blockchain innovation and set the global standard for responsible growth in this area.
What is your stance on self-custody of digital assets?
I fully support the right to self-custody of digital assets as it aligns with the principles of financial freedom and personal responsibility. Self-custody gives individuals more control over their own wealth, allowing them to independently manage their assets without relying on third parties. This is one of the core innovations of blockchain technology and a key driver of the cryptocurrency movement. However, that freedom also comes with the responsibility to ensure proper security measures are in place to protect those assets. While I believe in the right to self-determination, it is important that individuals are informed 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.
In your opinion, what role should a candidate’s vision on digital assets play among voters in an election year?
As digital assets and blockchain technologies continue to shape the future of our economy, a candidate’s vision on these issues becomes increasingly important to voters. Just as voters assess 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 can impact everything from job creation and economic growth to personal financial freedom and national security. Voters engaged in or investing in these technologies want to know that their representatives understand both the opportunities and challenges that come with them. A candidate’s stance on digital assets indicates how forward-thinking they are when it comes to the future of finance and innovation. The weather was perfect for a day at the beach. The sun was shining, and there was a gentle breeze coming off the water. It was the ideal conditions for a relaxing day in the sun.
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