A framework for cryptocurrency policy is being created by Vivek Ramaswamy, one of the candidates vying for the Republican Party’s nomination to run for the position of President of the United States in 2024. Numerous crypto enthusiasts and businesspersons are sitting tight and bracing themselves from the news for any hopeful reforms that come to fruition as Vivek Ramaswamy plans to have crypto policy ready by Thanksgiving.
Ramaswamy revealed his intentions on Thursday at the conference of the data company Messari Mainnet, much to the thrill of the crypto community and attracting the attention of the American media. The right-wing politician stated the plan was 75% complete and requested feedback from the crowd. By Thanksgiving, the pro-Bitcoin candidate hopes to fully publicize his plan.
In a “fireside chat” with Messari Mainnet CEO Ryan Selkis, Ramaswamy held up a generally positive depiction of blockchain technology and sent a harsh condemnation of “three-letter” regulatory agencies. Ramaswamy also touched on recent SEC rulings and cryptocurrency’s role as a whole being a radical force of innovation in the face of otherwise traditionally customary finance.
Why Does the Plan Draw Attention?
As Vivek Ramaswamy plans to have crypto policy ready, the Messari CEO Ryan Selkis, who has been assisting Ramaswamy with the early version of the policy manuscript and validated the progress achieved by his team thus far, was present there on site when the Republican made the announcement. Selkis was noted by DL News as saying that he hopes people will engage Vivek and his campaign in actually providing some feedback on an important presidential candidate who has a “fully baked” policy on cryptocurrency.
Ramaswamy – a 38-year-old businessman with experience in the financial, pharmaceutical, and biotech industries – gave a lengthy lecture at the crypto event in New York and also lambasted the federal agencies for their tyrannical “regulation by enforcement” stance. Additionally, he promised to fire three-quarters of the employees at regulatory organizations like the U.S. Securities and Exchange Commission (SEC).
If Ramaswamy follows through on his commitment, he will probably be the first Republican presidential candidate to present a thorough plan to control crypto assets and associated activities in the United States of America.
In all the interviews following Ramaswamy’s initiation for the Presidential drive, Florida Governor Ron DeSantis, who as a forerunner is leading the man’s narrative as Vivek Ramaswamy plans to have crypto policy ready, has pledged to safeguard people’s rights to use Bitcoin and put a stop to the current American administration’s conservative and redundant “war on cryptocurrency” as being fought by regulators and lawmakers under Democratic President Joe Biden.
If Ramaswamy gets elected as the President, DeSantis has, however, not yet provided any more details about his crypto policy. DeSantis and Ramaswamy have both spoken out against proposals to launch a digital currency issued by the U.S. Central Bank (CBDC), calling it a purported “threat to liberty” in the country.
Ramaswamy commented that the regulators are an “unconstitutional government” and that he has some quite strong opinions on how the government should interact with cryptocurrencies in the future. He also thought that this whole ordeal was the disease at the core of “our federal government today”.
“Most of the political power is wielded by people who are never elected to their positions that sit in the back of three-letter government agency buildings in Washington DC in a three-letter regulatory alphabet soup,” Ramaswamy said.
Despite producing several non-fungible tokens (NFTs) with his likeness and announcing an Ethereum wallet with a minimum of $1 million in its balance, the Republican Party front-runner and former U.S. President Donald Trump had previously declared in a stern tone that he is “not a fan” of cryptocurrencies. Suffice it to say, Americans are curious as to how the conflicting attitudes towards digital tokens will contrast against one another and how it would all ultimately prove to be for cryptocurrency laws in the country if Ramaswamy truly does succeed in winning the seat once occupied by Trump.