U.S. presidential hopeful Ramaswamy promises to rescind crypto regulations, reduce SEC powers if elected

U.S. presidential hopeful Ramaswamy promises to rescind crypto regulations, reduce SEC powers if elected
фото показано с : cryptoslate.com

2023-11-17 22:05

Strive Asset Management co-founder and 2024 Republican U.S. presidential candidate Vivek Ramaswamy said he will dismantle most federal cryptocurrency regulations and significantly reduce the workforce of federal regulators like the SEC and the CFTC if elected president.

Ramaswamy unveiled a comprehensive cryptocurrency policy framework as part of his presidential campaign aimed at reshaping the regulatory landscape at the North American Blockchain Summit this morning in Texas.

End to regulation by enforcement

Ramaswamy said in an appearance on Coindesk TV that the plan aims to end the trend of regulation by enforcement and ensure that developers’ code is protected under the First Amendment.

Ramaswamy added that the framework will ensure that “rules are delineated clearly and in advance” to ensure that the regulatory apparatus cannot hamper innovation in the industry.

The stance on deregulating the crypto industry puts Ramaswamy at odds with members of both political parties who have called for increased oversight, particularly in the wake of the FTX crypto empire collapse and the subsequent fraud conviction of its founder, Sam Bankman-Fried.

Despite trailing behind prominent figures like former President Donald Trump, former United Nations Ambassador Nikki Haley, and Florida Governor Ron DeSantis in polls, Ramaswamy’s campaign stands out for its alignment with Trump’s positions and potential speculation about a role in a Trump administration.

‘Three Freedoms of Crypto’

Ramaswamy’s proposal — dubbed ‘Three Freedoms of Crypto’ — advocates for a 75% reduction in the federal workforce, including the SEC, making deregulation of financial and investment rules a top priority.

Ramaswamy said that the plan will not only impact roles overseeing the crypto sector but will also diminish the agency’s capacity to regulate broader financial markets. He added:

“Since the inception of crypto, the shadow government in the administrative state in Washington, DC, and its cronies on Wall Street have tried to quash its rise. That ends on my watch.”

The biotech company founder’s crypto plan seeks to prohibit federal agencies from imposing restrictions on individual crypto wallets and clarifies that the Bank Secrecy Act does not govern blockchain infrastructure providers.

According to Ramaswamy, the concept of self-hosted wallets is the embodiment of the “Jeffersonian, Jacksonian vision of financial self-reliance and independence.”

The plan also emphasizes First Amendment protection for crypto code developers, ensuring they are not prosecuted for their code. Ramaswamy said that code should be equivalent to free speech in the modern world, and developers should not be prosecuted for creating programs that are misused by bad actors.

He used the example of the Tornado Cash scandal, where the government arrested the program’s developer instead of prosecuting the people who had misused the platform to launder stolen funds.

Additionally, the proposal aims to rein in the SEC and the CFTC, accusing them of being impediments to innovation with ambiguous and politicized hostility toward crypto.

The plan seeks to direct regulators to enforce only Congress-provided crypto policies and establish an initial safe harbor for new assets before programmatically classifying them as securities or commodities.

The post U.S. presidential hopeful Ramaswamy promises to rescind crypto regulations, reduce SEC powers if elected appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

President Trump (PRES) на Currencies.ru

$ 0.0091201 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 10.05 %
Cегодня L: $0.0091201 - H: $0.0091201
Капитализация $0 Rank 99999
Доступно / Всего 0 PRES

sec federal elected reduce regulations ramaswamy presidential

sec federal → Результатов: 126


Block.one illegally sold securities to build the EOS cloud computing service, SEC finds

The firm behind blockchain-powered cloud computing service EOS must pay $24 million for violating US securities law with its initial coin offering (ICO). “Block. one did not register its ICO as a securities offering pursuant to the federal securities laws, nor did it qualify for or seek an exemption from the registration requirements,” said the US Securities and Exchange Commission (SEC) via a press release.

2019-10-1 16:48


How Blockchain Projects Can Succeed (And Avoid Legal Hassles) in the USA

If you started your legal career more than 30 years ago in the Securities and Exchange Commission’s (SEC’s) Enforcement Division by suing a company offering geographical dental licenses on the theory they are “investment contracts” and thus “securities” subject to registration under the federal securities laws,*[1] you learned a few things.

2019-8-17 22:16


‘Wrong at Virtually Every Level’: Elon Musk Torches ‘Radical’ SEC for Twitter Gag Attempt

Billionaire Elon Musk fired back at the Securities and Exchange Commission’s February 2019 contempt filing designed to muzzle the Tesla CEO’s Twitter commentary. Elon Musk: ‘SEC’s Position Is Wrong’ In a fiery response filed March 22 in New York federal court, Musk slammed the SEC for its “radical reinterpretation” of a September 2018 consent decree under which he agreed to get approval from Tesla’s board before tweeting anything that could impact TSLA’s stock price.

2019-3-24 14:41


SEC Chases Billions out of US Economy by Dragging Feet on Bitcoin ETF

Many cryptocurrency investors and entrepreneurs have anxiously awaited a green light from the U. S. Securities and Exchange Commission for the first bitcoin exchange-traded fund (ETF). A bitcoin ETF would bring more products to Wall Street and give institutional investors more direct access to an asset class they are clearly very enthusiastic about in 2019.

2019-3-15 18:23


Фото:

SEC рассмотрит заявку на bitcoin-ETF от VanEck и SolidX в течение 45 дней

Комиссия по ценным бумагам и биржам США (SEC) приступила к рассмотрению заявки от VanEck и SolidX на листинг bitcoin-ETF на чикагской бирже CBOE. Об этом свидетельствуют документы, опубликованные в правительственном журнале Federal Register.

2019-2-21 19:52


Обратный отсчет: у SEC 45 дней на принятие решения по биткоин-ETF от VanEck и SolidX

Комиссия по ценным бумагам и биржам США (SEC) начала рассматривать заявку компаний VanEck и SolidX на изменение правил Чикагской опционной биржи (CBOE) для листинга биткоин-ETF. Теперь у SEC есть 45 дней на принятие решения.

2019-2-20 14:54


US SEC Announces Woodbridge Group of Companies Has to Pay $1 Billion in Penalties

The U.S. Securities and Exchange Commission (SEC) announced on January 28 that Woodbridge Group of Companies LLC has to pay $1 billion in penalties and disgorgements. The decision was taken by a federal court in Florida after considering the company operated a Ponzi scheme aimed at retail investors. Court orders $1 billion judgment against operators […]

2019-1-29 17:53