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Former 2024 US Republican Presidential candidate Vivek Ramaswamy has made a strong case for the need for clear crypto regulations. In a recent interview, he criticized the existing regulatory framework, asserting that it is “anti-American at its core.”
Criticism of Current Regulatory Approach
During an interview with Yahoo Finance, Ramaswamy emphasized the confusion surrounding cryptocurrency regulation. He condemned the strategy of “regulation by enforcement,” arguing that it has fostered an environment of unfairness for many firms in the crypto space. He stated, “That’s not how this country is supposed to work,” underscoring the need for greater clarity: “Whether it’s crypto or financial services more broadly, we deserve greater clarity rather than ambiguity. Ambiguity is the friend of the tyrant.” His call for transparency highlights a growing concern among industry stakeholders about the necessity of consistent and clear rules in the rapidly evolving crypto terrain.
Support for Trump’s Crypto Stance
Ramaswamy expressed confidence that former US President Donald Trump, if elected in November, would be “a friend” to the crypto industry. This sentiment reflects a broader belief among some in the crypto community that a Trump administration would foster a more favorable environment for digital assets, counteracting the current regulatory stance.
Critique of Federal Monetary Policy
Further expanding on his views, Ramaswamy appeared on the Market Domination Overtime show, where he criticized the Federal Reserve’s dual mandate focusing on unemployment and inflation. He argued that this approach often leads to unsustainable outcomes for both metrics. Ramaswamy’s insights reveal his broader economic philosophy, indicating that he sees merit in a more streamlined and clear policy framework that can enhance the crypto landscape.
Advocacy for Deregulation
Last year, before announcing his candidacy, Ramaswamy called for significant deregulation within the cryptocurrency industry. He was notably the first Republican candidate to unveil a comprehensive crypto plan, advocating for a staggering 75% reduction in the federal workforce, including the Securities and Exchange Commission (SEC). This radical plan aimed at deregulating financial and investment rules signals a potential seismic shift in how the federal government could approach digital currencies.
Critique of the SEC
Ramaswamy did not hold back his criticism of the SEC, labeling it a “shadow government” that has aimed to suppress the growth of cryptocurrency since its inception. He made a bold claim: “That ends on my watch,” suggesting that he envisions a more favorable regulatory climate for the crypto industry should he ascend to a position of power.
Predictions for Kamala Harris
Recently, Ramaswamy speculated that current Vice President Kamala Harris may begin to adopt crypto-friendly language in her discussions. He stated, “It’s just a matter of competing for votes that she’s going to adopt a thoughtful position.” He posited that a well-considered digital asset framework or policy from Harris would be beneficial for the country, indicating an ongoing shift in the political landscape regarding cryptocurrency.
As the 2024 Presidential race unfolds, the discourse around crypto regulation is likely to intensify. Leaders like Ramaswamy continue to advocate for change, hoping to redefine the relationship between the government and the rapidly expanding realm of digital finance.
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