Non-mainstream politician and 2024 presidential candidate Vivek Ramaswamy has announced his new cryptocurrency policy to free American innovators from the administrative state that persecutes and hinders such innovation.
Fifteen years ago, American taxpayers were forced to bail out the big banks, brokering an arranged marriage between big banks and big government that has poisoned the smooth functioning of capitalism ever since. Since the inception of cryptocurrencies, the administrative state in Washington, D.C., as well as some on Wall Stree,t have tried to stifle its rise.
US Republican presidential candidate Vivek Ramaswamy unveiled a crypto policy framework on November 16 at the North American Blockchain Summit (NABS) in Fort Worth, Texas. Called “The Three Freedoms of Crypto,” the framework states that developers of smart contract code should not be responsible for the actions of people who use the code.
In the document, Ramaswamy promised to “lead government prosecutors to prosecute bad actors, not the code they use and not the developers who write that code,” if elected president. In an accompanying speech, Ramaswamy specifically addressed sanctions against cryptocurrency mixer Tornado Cash, stating “the case filed against the people at Tornado Cash, for example… you cannot go after code developers.”
In the document, Ramaswamy also promised to provide regulatory clarity that would give new cryptocurrencies “safe harbor” exemptions from securities laws for a period of time after their launch and prevent any federal agency from creating rules that limit the use of wallets. self-hosted
First Things First: Some Background Information
Digital assets are not inherently securities, and the Ramaswamy Administration would work with Congress to establish clear rules so entrepreneurs can innovate without fear of arbitrary and capricious regulatory enforcement.
Most federal regulations are unconstitutional, and Ramaswamy will rescind them using West Virginia v. EPA and its implications for the big questions doctrine as your guide. Financial and investment regulations are some of the most problematic and will be subject to heavy deregulation.
The Three-Crypto-Freedom Policies Described
Below is the policy agenda that the US needs to ensure a vibrant future for cryptocurrencies as a key to economic freedom for Americans seeking an alternative to centralized finance.
Policy Point #1: Freedom to Code – Developers will have the freedom to write and publish code. The First Amendment protects freedom of speech, and that extends to the digital world. Developers cannot be prosecuted for their code and their software cannot be suppressed, just as journalists and their articles cannot be prosecuted or suppressed.
Policy Point #2: Freedom from Financial Self-Sufficiency – Users should enjoy the freedom to be financially self-sufficient and independent. Financial self-sufficiency is a key check against concentration of power, surveillance and censorship in the financial system, in a tradition that dates back to Jefferson and Jackson. Self-managed wallets offer this independence in the digital age and should not be banned or harmed by regulation.
Policy Point #3: Freedom from Regulatory Overreach – Projects should enjoy freedom from regulatory overreach and uncertainty. Digital assets should not be subject to the “arbitrary and capricious” goals of the SEC and the Federal Reserve. Despite their little formal mandate from Congress, these agencies have become the primary gatekeepers of innovation and have deployed ambiguity and politicized hostility to suppress it. It is not the role of federal agencies to make qualitative judgments about the merit of an entire industry or technology.
By Audy Castaneda