Nikolas Sargeant
Vivek Ramaswamy, the former 2024 Republican presidential candidate, has voiced strong criticism of the current cryptocurrency regulatory landscape in the United States. In a recent interview with Yahoo Finance, Ramaswamy characterized the existing approach to crypto regulation as "anti-American at its core," emphasizing the urgent need for clearer guidelines.
Speaking on Wednesday, Ramaswamy took aim at the prevailing "regulation by enforcement" strategy, arguing that it has created an unfair and ambiguous environment for crypto firms. He asserted, "That's not how this country is supposed to work. Whether it's crypto or financial services more broadly, we deserve greater clarity rather than ambiguity. Ambiguity is the friend of the tyrant."
Ramaswamy also shared his perspective on former President Donald Trump's potential stance on cryptocurrency if re-elected in November, suggesting that Trump would likely be "a friend" to the crypto industry. During an appearance on the Market Domination Overtime show, Ramaswamy extended his criticism to the Federal Reserve's dual mandate on unemployment and inflation, suggesting that this approach often yields unsustainable outcomes in both areas.
Ramaswamy's Vision for Cryptocurrency Deregulation
Last year, before suspending his presidential campaign, Ramaswamy distinguished himself as the first Republican candidate to propose a comprehensive crypto plan. His proposal called for a dramatic 75% reduction in the federal workforce, including significant cuts to the Securities and Exchange Commission (SEC).
The biotech entrepreneur's plan prioritized the deregulation of financial and investment rules, with a particular focus on the cryptocurrency sector. However, the scope of his proposed changes extended beyond crypto-specific regulations, potentially impacting the SEC's broader authority over financial markets.
Ramaswamy didn't mince words in his criticism of the securities regulator, accusing the "shadow government" of attempting to suppress cryptocurrency's growth since its inception. He boldly declared, "That ends on my watch."
Predicting Political Shifts in Crypto Stance
In a recent development, Ramaswamy speculated that current Vice President and 2024 presidential hopeful Kamala Harris might adopt crypto-friendly rhetoric. Speaking to CNBC last month, he suggested, "It's just a matter of competing for votes that she's going to adopt a thoughtful position."
Ramaswamy expressed optimism about this potential shift, stating that if Harris were to propose a comprehensive digital asset framework or policy, it could be beneficial for the country as a whole.
