Vivek Ramaswamy, candidate for the US presidential election, outlined his vision of pro-crypto policy. He presented his policy framework called “Three Freedoms of Crypto” at the North American Blockchain Summit. The candidate plans to reform regulations to promote innovation and protect freedoms in the crypto industry. A decision that will help fill the SEC’s regulatory gaps.
The three freedoms of crypto
With its political framework “Three Freedoms of Crypto”, Ramaswamy wants to protect freedoms in the crypto industry. The framework includes freedom to code, financial autonomy and freedom to innovate. Regarding the freedom to code, he said that code is speech. While the government can pursue bad actors, it should not target developers, he explained.
Regarding financial autonomy, the candidate criticized AML and KYC regulations which were “militarized”. Self-hosted wallets should not be touched as part of a Jeffersonian vision of financial autonomy and independence.
Three Freedoms of Crypto also aims to promote innovation. Thus, regarding the freedom to innovate, the candidate believes that the adoption of administrative rules by the regulatory state, and not Congress, stifles innovation. To free innovative sectors, he would roll back unconstitutional regulations and reduce the federal workforce.
Towards more regulatory clarity to counter the SEC
Another notable point of his speech is his criticism of the president of the SEC. Ramaswamy criticizes Gary Gensler for refusing to say whether Ethereum is a security. He would thus cancel the unconstitutional regulations concerning cryptos, if he was elected. All this as part of a broader administrative reform.
He also criticizes Gary Gensler for refusing to provide clear guidance on the status of the crypto ETH. The SEC Chairman is unclear on whether cryptos like ETH are securities. Ramaswamy therefore promised the establishment of clear rules from the start under his administration. A better solution than relying on SEC enforcement decisions after the fact.
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