Crypto is a hot topic in the upcoming US presidential election. For the first time, candidates are using crypto as part of their platforms. Ron Desantis and Robert F. Kennedy Jr. promise a crypto-friendly administration. Donald Trump has his own NFT, even though he is not a fan of digital assets. And Vivek Ramaswamy, a newcomer and a billionaire entrepreneur, proposes a comprehensive crypto regulatory framework and vows to rein in regulators who are overstepping.
Ramaswamy had a fireside chat with Messari’s top executive Ryan Selkis at the Messari Mainnet last September. They discussed how Ramaswamy plans to overhaul the federal government by cutting 75% of regulatory agency staff. He considers these regulators as the “unconstitutional fourth branch of the government”. In this article, we will examine his take on crypto and decide if he is the POTUS we are looking for.
What is Ramaswamy’s view on crypto?
Ramaswamy is a pro-crypto politician who believes that crypto is a powerful and innovative tool. He has made this known even before the Messari conference. In fact, he is one of several candidates who is accepting Bitcoin donations.
The Republican presidential candidate is giving his support to the “Keep Your Coins Act”, a bill that protects crypto users by limiting federal agencies’ overreach. He supports the right of individuals to use self-hosted wallets, which allow them to custody and control their own crypto assets.
He also opposes any attempts to tax or ban crypto mining, which he sees as a vital part of network security and decentralization.
Ramaswamy has promised a comprehensive crypto framework by Thanksgiving. This regulatory clarity is much needed for digital assets to grow. It will serve as guidance for regulators, businesses, and investors on how to approach crypto. A good one will protect consumers without stifling growth.
How would cutting regulatory agencies’ workforce benefit crypto?
Many of us wish, that the 3 letter alphabet agencies to just let us mind our own business. We might just get this if Ramaswamy becomes president. He boldly proposed to reduce the staff of Federal agencies by a whopping 75%. He considers the as the “unconstitutional 4th branch of the government.”
Since this hasn’t been done before, we could only guess how it will affect crypto. For one, it should let regulatory agencies concentrate on companies who are actually violating the law, instead of carpet bombing a whole industry. Hopefully, it should prevent from pointing to all crypto projects as securities, and instead concentrate on preventing another implosion similar to FTX
However, this will only work if a good comprehensive is passed. Any regulatory agency still needs some guidance on how to do their jobs without overstepping.
CBDC is a Big No for Ramaswamy
The Central Bank Digital Currency (CBDC)is what you call a wolf in sheep’s clothing. It looks like crypto and smells like crypto, but it is not crypto. It may be digital, but is still controlled by a central authority. CBDC is just fiat in digital form and has the potential to invade a user’s privacy. This is the reason why several politicians are against it. Ramaswamy has made clear that he is against it.
What if Ramaswamy Wins?
We will probably see Gary Gensler gone if Ramaswamy wins. This alone will give the whole crypto community a big sigh of relief. Hooray!
But seriously, a Ramaswamy presidency is very bullish for the digital assets space. We still need to see the details of his proposed regulatory framework, but we expect it to be fair to both crypto companies and investors. At the very least, we expect it to promote innovation while protecting consumers. With guidance like this, companies will be more comfortable in pouring resources into building, instead of worrying about regulatory pressures.
By supporting bills like the “Keep Your Coins Act”, retail investors will have more confidence in embracing the future of finance.
His refusal to accept CBDC also shows his deep understanding of how an oppressive financial system works. He knew that CBDC could be used as a tool of surveillance and oppression. He knows that this is the exact opposite of crypto.
If he wins, then our HODL bags that were filled in the bear market would probably go to the moon. If only people could vote with their tokens.
