November 17, 2023

Presidential Hopeful Vivek Advocates Pro-Crypto Policies, Targets "Shadow Government" Practices

Vivek Ramaswamy, a contender for the U.S. presidency, revealed his "Three Freedoms of Crypto" policy framework at the North American Blockchain Summit in Texas. The vision aims to fuel innovation and preserve liberties in the crypto industry by reforming regulations imposed by governmental bodies.

During the North American Blockchain Summit in Texas, Vivek Ramaswamy, a presidential candidate, unveiled his comprehensive "Three Freedoms of Crypto" policy framework. The core of his vision is centered around fostering innovation and safeguarding individual liberties within the dynamic crypto landscape. Ramaswamy's strategy involves a strategic overhaul of existing regulatory measures implemented by various governmental agencies.

The 'Three Freedoms' initiative, as outlined by Ramaswamy, encompasses the following principles:

  1. Freedom to Code: Ramaswamy asserts that "code is speech", contending that while the government has the authority to prosecute those engaged in illicit activities, it should refrain from targeting code developers. This principle is aimed at preserving the essential freedom for developers to contribute to the crypto ecosystem without fear of unwarranted legal repercussions.
  2. Financial Self-Reliance: Criticizing Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations as "weaponized", Ramaswamy advocates for the protection of "self-hosted wallets", aligning with a vision of financial self-reliance and independence reminiscent of Thomas Jefferson's ideals.
  3. Freedom to Innovate: Ramaswamy attributes hindered innovation to the "regulatory state" rather than Congress, pledging to eliminate unconstitutional regulations and streamline the federal workforce. This, he believes, will unleash innovation across various sectors, including but not limited to the crypto industry.

In addition to outlining his policy framework, Ramaswamy took aim at SEC chair Gary Gensler, criticizing him for his reluctance to provide clarity on whether ether and other major tokens are considered securities. Ramaswamy pledged that, if elected, his administration would proactively establish clear rules, avoiding reliance on post-enforcement decisions by the SEC. This commitment forms part of his broader administrative reform agenda, which seeks to nullify unconstitutional regulations affecting the crypto sphere.

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