Vivek Ramaswamy, a promising presidential candidate in the Republican nomination race, recently targeted the Securities and Exchange Commission (SEC) for its ambiguous stance on cryptocurrency regulation.
Speaking at the Messari Mainnet conference, he emphasized that the lack of clarity around crypto regulation fosters uncertainty, which serves the interests of Federal agencies rather than the regulated community.
Ramaswamy Optimistic on Crypto Regulations, But Not the Regulators
Ramaswamy, who stepped down as CEO of Roivant Sciences in 2021, criticized the SEC’s approach, particularly under Chairman Gary Gensler. He pointed out the SEC’s reluctance to clarify whether Ethereum, the world’s second-largest cryptocurrency, is a security.
This ambiguity, he argued, allows Federal agencies to keep the regulated community guessing, giving them undue power. He asserted:
“Ambiguity is the friend of the tyrant. The good news is this is something that a US president can fix.”
He further labeled Federal employees as an unelected fourth branch of the government, vowing to reduce the Federal regulatory workforce by two-thirds under his authority as president.
Ramaswamy also discussed the “Keep Your Coins Act,” a bill that would protect the right to self-custody cryptocurrency. He drew parallels between this and the third-party doctrine, which assumes citizens forfeit their privacy rights when information is shared with a third party.
Read more: On-Chain and Off-Chain Privacy in Web3: Differences Explained
Keeping Up With Current Crypto Events
In another development, Ramaswamy applauded a recent Federal court decision that allowed Grayscale Investments to challenge an SEC order, leading to the reversal of a listing block. He hailed this as a victory for Bitcoin and blockchain innovation within the US.
Ramaswamy’s campaign has announced plans to release a crypto policy framework as early as November. The candidate, currently polling at 7% among GOP hopefuls, has received endorsements from former President Donald Trump.
He has also expressed interest in involving Tesla chief Elon Musk as an advisor if he wins the 2024 US Election.
Ramaswamy’s optimism on crypto regulation and his commitment to reducing the Federal regulatory workforce resonates with many blockchain faithful.
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