Vivek Ramaswamy says, “The crypto regulation that exists today is Anti-American at its core”.
Former US Republican Presidential candidate Vivek Ramaswamy criticized the state of cryptocurrency regulation in the United States for being fundamentally flawed. During the interview with Yahoo Finance, Ramaswamy described such regulatory obscurity in the crypto space as “anti-American at its core” and called for reforms to foster innovation and clarity.
Criticism of ‘Regulation by Enforcement’
Ramswamy came forward in attacking the way in which SEC was using “regulation by enforcement” to regulate cryptos, which he considered one-sided for companies given that the innovation of the crypto sector is being suppressed.
That’s not how this country is supposed to work”, Ramaswamy told Yahoo Finance. “Whether it’s crypto or financial services more broadly, we deserve greater clarity rather than ambiguity. Ambiguity is the friend of the tyrant”.
Clamor for Clearer Guidelines
Ramaswamy emphasized that clear-cut regulations with transparency are what any industry needs to prosper, and all the more so when it comes to probably one of the fast-moving sectors: cryptocurrency. He said the system was set up to dissuade innovation and make it hard, if not impossible, for businesses to learn how to comply with the regulative labyrinth of managing digital assets.
He further thinks that the absence of clear guidelines in this field diminishes the US leadership in technology and finance. “A free market should be predictable and transparent-not shrouded in uncertainty”, he said.
Trump and Crypto: An Unlikely Alliance
In this interview, Ramaswamy also insinuated that former US President Donald Trump will be friendlier toward crypto, if he wins the 2024 Presidential election. According to Ramaswamy, this could translate into Trump’s leadership of allowing a more crypto-friendly environment, allowing crypto firms to develop and set their own rules, free of current regulatory constraint and duress.
Deregulation for Cryptocurrencies
This critique of current crypto regulation wholly aligns with Ramaswamy’s general views on the need to reduce federal over-sight of everything. Last year, he published an extensive plan to ‘deregulate’ the crypto currency industry as part of his Presidential campaign, including an astonishing 75% reduction of the federal workforce, especially in the SEC.
He accused the securities regulator of trying to “squash the rise of crypto” since it began. He added that the oversight coming from the SEC has provided a “shadow government” that hinders innovation within the financial system.
“That ends on my watch”, Ramaswamy boldly proclaimed during the unveiling of his deregulation plan.
Critique of Federal Economic Policy
Aside from the crypto regulation comments, Ramaswamy expressed skepticism toward the Federal Reserve’s dual mandate on unemployment and inflation. On the Market Domination Overtime show, he declared that such a focus on competing objectives leads to unsustainably achieved outcomes.
This critical approach underlines the candidate’s much larger vision toward economic policy as one where the government should intervene less, while markets take over more.
Will Kamala Harris Become a Crypto Ally?
Ramaswamy further commented that the current Vice President and Presidential contender Kamala Harris might become more crypto-friendly with her campaigning rhetoric for the 2024 election. He felt that in a bid to win votes, Harris could adopt a thoughtful position on digital assets.
It’s just a matter of competing for votes that she’s going to adopt a thoughtful position,” he said in an interview with CNBC. Ramaswamy went on to say that, should Harris come out in support of a broad digital asset framework, it would serve as a positive to the US economy, providing a clarity for the industry in high demand.
Conclusion: A New Direction for Crypto Regulation?
The strong call for deregulation by Ramaswamy can appeal to various sectors in the US economy, as the debate over the regulation of cryptocurrency is being intensified. In fact, his call for transparency and a level playing field could ensure that future policymakers review the existing approach and create a crypto-friendly atmosphere even in the times to come.
