The 2024 United States presidential candidate, Vivek Ramaswamy, has revealed his vision for the future of the crypto space and the Securities and Exchange Commission (SEC) if he is elected. During an exclusive interview with CoinDesk.tv, Ramaswamy expressed his commitment to reducing the SEC’s control and government involvement in the crypto industry.
Ramaswamy, a representative of the Republican party (GOP), is currently the only candidate with a comprehensive crypto framework. He plans to oust most SEC officials and create an environment that allows digital assets to thrive as commodities. In addition, his framework aims to protect software developers and promote blockchain freedom.
The “Three Freedoms of Crypto” Policy
To achieve these goals, Ramaswamy will introduce the “Three Freedoms of Crypto” policy:
- Protection for Developers: Ramaswamy believes that developers should not face prosecution based on their codes. This protection will allow them to innovate without fear of legal consequences.
- Self-Hosted Wallets: Federal agencies will be prevented from creating rules that restrict the use of self-hosted wallets. This freedom ensures that individuals have full control over their digital assets.
- Thrive for Blockchain Projects: Ramaswamy wants to create an environment that allows blockchain projects to thrive. By removing unnecessary regulations, he aims to promote innovation and growth in the industry.
Ramaswamy acknowledges the government’s role in addressing fraudulent activities in the industry. However, he emphasizes the importance of distinguishing between developers’ codes and the platforms themselves. He points to the recent Tornado Cash laundering case, where developers faced charges of money laundering due to the actions of a hacker who exploited the blockchain protocol.
“The DOJ money laundering litigation against the developers was wrong,” Ramaswamy stated. He believes that developers should not be held responsible for the unlawful actions of others.
Furthermore, Ramaswamy recognizes the lack of clarity from the SEC and other regulators in the crypto space. He aims to provide clearer guidelines and regulations that allow the industry to thrive while protecting investors and innovators alike.
Ramaswamy’s Potential Impact
As one of the top contenders in the GOP, Ramaswamy faces a tough race against the popular former president, Donald Trump. However, his strong support for digital assets sets him apart from other candidates. Some members of the crypto community believe that Ramaswamy has the potential to bring about a paradigm shift that benefits developers and market players.
While it may be too early to make definitive predictions about the election, Ramaswamy’s commitment to the crypto industry signals a growing recognition of its importance in the financial world. With his proposed policies, he aims to create an environment that fosters innovation, protects developers, and ensures the growth of blockchain projects.
