{"id":85429,"date":"2023-11-16T17:44:51","date_gmt":"2023-11-16T22:44:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/gop-candidate-ramaswamy-would-reduce-govt-involvement-in-crypto-if-elected\/"},"modified":"2023-11-16T17:44:53","modified_gmt":"2023-11-16T22:44:53","slug":"gop-candidate-ramaswamy-would-reduce-govt-involvement-in-crypto-if-elected","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85429","title":{"rendered":"GOP Candidate Ramaswamy Would Reduce Govt Involvement in Crypto If Elected"},"content":{"rendered":"<div>\n<figure id=\"attachment_132487\" aria-describedby=\"caption-attachment-132487\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-132487\" class=\"wp-caption-text\"><em>GOP Candidate Vivek Ramaswamy Source: YouTube\/NBC News<\/em><\/figcaption><\/figure>\n<p>The 2024 United States presidential candidate, Vivek Ramaswamy, has disclosed his plans to curb the Securities and Exchange Commission\u2019s (SEC) control and government involvement in the crypto space if elected.<\/p>\n<p>In an exclusive interview with CoinDesk.tv earlier today, Ramaswamy stated his commitment to ousting most SEC officials and facilitating an environment for digital assets to thrive as commodities.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Rolling out my \u201cThree Freedoms of Crypto\u201d policy framework at the North American Blockchain Summit this morning in Texas. Since the inception of crypto, the shadow government in the administrative state in Washington, D.C., and its cronies on Wall Street have tried to quash its\u2026 <a rel=\"nofollow\" href=\"https:\/\/t.co\/eo2oUTlVMf\">pic.twitter.com\/eo2oUTlVMf<\/a><\/p>\n<p>\u2014 Vivek Ramaswamy (@VivekGRamaswamy) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/VivekGRamaswamy\/status\/1725169156557828097?ref_src=twsrc%5Etfw\">November 16, 2023<\/a><\/p>\n<\/blockquote>\n<p>Ramaswamy, representing the Republican party, also known as the Grand Old Party (GOP), is currently the only candidate with a comprehensive crypto framework.<\/p>\n<p>He noted that his framework will protect software developers and create more blockchain freedom. To achieve this, the presidential candidate will introduce the \u201cThree Freedoms of Crypto\u201d policy.<\/p>\n<p>This policy includes protecting developers from prosecution based on their codes, preventing federal agencies from creating rules that restrict self-hosted wallets, and ensuring the freedom for blockchain projects to thrive.<\/p>\n<blockquote>\n<p>\u201cAny unconstitutional regulation the US Congress did not explicitly give the SEC to will be null and void. This will apply to most regulations governing the crypto industry,\u201d he added.<\/p>\n<\/blockquote>\n<p>While supporting the government\u2019s pursuit of bad actors in the industry, Ramaswamy stressed the importance of distinguishing between developers\u2019 codes and the platforms themselves.<\/p>\n<p>He referenced the Coinbase-backed Tornado Cash laundering case, where a hacker executed a hostile takeover, resulting in a loss of over $1 billion on May 20, 2023.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">On 2023\/05\/20 at 07:25:11 UTC, Tornado Cash governance effectively ceased to exist. Through a malicious proposal, an attacker granted themselves 1,200,000 votes. As this is more than the ~700,000 legitimate votes, they now have full control.https:\/\/t.co\/nY87XmrYgT <a rel=\"nofollow\" href=\"https:\/\/t.co\/h9qjc3xRqz\">pic.twitter.com\/h9qjc3xRqz<\/a><\/p>\n<p>\u2014 samczsun (@samczsun) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/samczsun\/status\/1660012956632104960?ref_src=twsrc%5Etfw\">May 20, 2023<\/a><\/p>\n<\/blockquote>\n<p>The attack was done by bypassing the blockchain protocol through its governance mechanism. This led the US Department of Justice (DOJ) to arrest the code developers and charge them with money laundering.<\/p>\n<p>The GOP candidate stressed that the DOJ money laundering litigation against the developers was wrong.<\/p>\n<blockquote>\n<p>\u201cThere needs to be a distinction between the code itself, which is protected, and the people who misuse it to steal. This is lacking today in the crypto industry. It is likened to freedom of speech \u2013 freedom to code,\u201d he added.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Thank you <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/VivekGRamaswamy?ref_src=twsrc%5Etfw\">@VivekGRamaswamy<\/a> for supporting the freedom to code!<\/p>\n<p>We now have a clear front-runner for most pro-crypto presidential candidate for 2024.<\/p>\n<p>Lead us to freedom, and we\u2019ll follow you. https:\/\/t.co\/qTHOWpZB1p<\/p>\n<p>\u2014 Josh Fraser (@joshfraser) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/joshfraser\/status\/1725177647586587059?ref_src=twsrc%5Etfw\">November 16, 2023<\/a><\/p>\n<\/blockquote>\n<p>Rounding up, Ramaswamy highlighted the industry\u2019s current lack of clarity from the SEC and other regulators.<\/p>\n<blockquote>\n<p>\u201cWhat we\u2019re going to have is rescinding any of those regulations allowing the regulatory state to go after perfectly legal behavior, but by claiming that somehow it shouldn\u2019t exist because they don\u2019t like it. All of that can end on my watch,\u201d he said.<\/p>\n<\/blockquote>\n<h2>Vivek Ramaswamy in GOP Top Four Candidates Poll<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Ramaswamy is currently one of the top runners of the GOP. According to polling data, he maintains 5% support in a hot-red arena dominated by Donald Trump, the former president of the US.<\/p>\n<figure id=\"attachment_132486\" aria-describedby=\"caption-attachment-132486\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-132486\" class=\"wp-caption-text\"><em>Source: Project.fivethirtyeight Polling Data<\/em><\/figcaption><\/figure>\n<p>One aspect distinguishing him from other candidates is his enthusiastic support of digital assets as a financial innovation.<\/p>\n<p>While making predictions about the election may be early and speculative at this stage, some crypto communities believe he has what it takes to propel a new paradigm shift that benefits developers and other market players.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/gop-candidate-ramaswamy-would-reduce-govt-involvement-in-crypto-if-elected.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GOP Candidate Vivek Ramaswamy Source: YouTube\/NBC News The 2024 United States presidential candidate, Vivek Ramaswamy, has disclosed his plans to curb the Securities and Exchange Commission\u2019s (SEC) control and government involvement in the crypto space if elected. In an exclusive interview with CoinDesk.tv earlier today, Ramaswamy stated his commitment to ousting most SEC officials and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-85429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GOP Candidate Ramaswamy Would Reduce Govt Involvement in Crypto If Elected | iFintechWorld<\/title>\n<meta name=\"description\" content=\"GOP Candidate Vivek Ramaswamy Source: YouTube\/NBC News The 2024 United States presidential candidate, Vivek Ramaswamy, has disclosed his plans to curb the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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