Republican presidential candidate Vivek Ramaswamy has outlined a comprehensive and visionary crypto policy framework titled the “Three Freedoms of Crypto.” Becoming the first GOP contender to include crypto in a campaign platform
Ramaswamy, a former biotech executive and a political newcomer, aims to liberate American innovators from the constraints of what he refers to as the administrative state.
Clarity and Structure in Crypto Regulation
Ramaswamy’s proposals focus on creating a structured regulatory environment. In which innovators and developers can operate without fear of arbitrary enforcement actions.
He emphasizes the necessity of clear delineation of rules beforehand, advocating an end to regulation by enforcement agencies. Particularly highlighting the SEC’s uncertainty in categorizing cryptocurrencies like Ethereum.
The Three Pillars of Freedom
The framework revolves around three core principles. First is the “Freedom to Code,” where Ramaswamy emphasizes the protection of code as speech, separating the culpability of code developers from malicious users’ actions.
Secondly, he champions “Financial Self-Reliance,” highlighting the importance of safeguarding self-hosted wallets from excessive regulatory interference. He points out the negative impacts of regulations like the AM L statutes and the Bank Secrecy Act.
Lastly, he emphasizes the “Freedom to Innovate,” identifying the bureaucratic hurdles imposed by regulatory bodies as a huge impediment to American innovation. He pledges to rescind unconstitutional federal regulations and downsize federal employee headcount by a staggering 75%, believing this will remove unnecessary obstacles.
Executive Authority and Congressional Inaction
Ramaswamy addresses concerns about Congress’s inactivity in passing crypto legislation and acknowledges limitations in promising legislative action.
However, he stated that as the chief executive, he holds the power to influence regulatory bodies and redirect their focus through executive action.
He plans to cease enforcement actions against regulations that exceed congressional authorization citing a Supreme Court case that supports his authority in eliminating regulations not explicitly permitted by Congress.
Reshaping the SEC and Federal Workforce
Ramaswamy’s vision includes reshaping agencies like the SEC, envisioning leaders who understand the unintended consequences of overregulation and prioritize innovation while ensuring compliance with existing laws.
Addressing concerns about reducing the federal workforce by 75%, he challenges the prevalent bureaucracy, claiming that accountability and effectiveness increase when excess is trimmed. He aims for a leaner, more accountable federal structure focused on public service.
Protecting Against Scams and Hacks
Regarding protecting citizens against scams and hacks in the crypto sphere, Ramaswamy emphasizes enforcing existing laws to safeguard property rights and combat fraudulent activities. He opposes creating new, convoluted rules and taxation schemes, advocating for a straightforward application of established laws.
Market Perspectives and Predictions
Meanwhile, the crypto market witnesses ongoing shifts, including Blackrock’s interest in an Ether ETF, lending resurgence, and predictions of Bitcoin surging to $40,000–$45,000 by year-end. Experts like Quinn Thompson from Maple predict continued growth in the industry, pointing to bullish macroeconomic factors and impending regulatory developments as catalysts.
As Vivek Ramaswamy’s crypto policy framework gains attention and expert insights forecast favorable market trends, the cryptocurrency sphere in the United States appears poised for huge transformations.
With ongoing discussions about regulations, taxes, and market developments, stakeholders await key decisions shaping the future of this burgeoning industry.