This US Presidential Candidate Supports Crypto, Here's The Plan!

US presidential candidate Vivek Ramaswamy discussed cryptocurrencies at the North American Blockchain Summit. (Photo; Doc. Cryptofacil)

JAKARTA - Crypto is one of the main topics at the North American Blockchain Summit which was held in Texas, November 17, 2023. One of the speakers who attracted attention was the emergence of Vivek Ramaswamy, a presidential candidate who had a vision to change the crypto industry through regulatory reforms.

Ramaswamy outlined its plans regarding crypto regulation through the framework of "Three Crypto Freedoms", which aims to encourage innovation and maintain freedom in the cryptocurrency sector.

Ramaswamy, who is a businessman and writer, said that "Three Crypto Freedoms" include the freedom to encode (coding), financial independence, and the freedom to innovate. He considers coding to be a form of expression that should not be censored or intimidated by the government.

He also criticized regulations that limit financial independence, such as anti-money laundering (AML) rules and customer identity verification (KYC), which he said had been "armed" to curb crypto. He emphasized that private wallets that are not hosted by third parties should be protected as part of human rights.

In addition, Ramaswamy also blamed "regulatory countries" formed by administrative agencies, such as the Securities and Exchange Commission (SEC), which made regulations without a mandate from Congress. He said that the regulation hinders innovation and threatens the future of crypto. He promised that if he was elected president, he would drop unconstitutional rules and reduce federal bureaucracy to provide space for innovative sectors.

Ramaswamy also criticized SEC chairman Gary Gensler for refusing to provide clarity on the legal status of crypto assets, such as Ethereum (ETH). According to him, Gensler has created fear and uncertainty in the crypto market. He added that the SEC under the leadership of Gary Gensler actually hindered innovation and took action against innovators on charges of security violations.