Presidential Hopeful Ramaswamy Pledges to Limit SEC’s Crypto Oversight

Vivek Ramaswamy, a Republican candidate for the 2024 U.S. presidential election, has outlined his vision for the cryptocurrency sector, focusing on reducing the Securities and Exchange Commission’s (SEC) influence and overall government interference. Speaking with CoinDesk TV, Ramaswamy expressed his intention to dismiss numerous SEC officials and foster a conducive environment for digital assets to flourish as commodities.

As the sole candidate currently offering an extensive crypto policy proposal, his “Three Freedoms of Crypto” plan aims to safeguard software developers and promote blockchain innovation. The strategy includes shielding developers from legal action based on their code, preventing federal agencies from imposing constraints on self-hosted wallets, and guaranteeing the growth of blockchain initiatives.

Ramaswamy emphasized, “Any 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.”

While he supports the government’s efforts to target industry wrongdoers, Ramaswamy underscored the need to differentiate between the code created by developers and the platforms themselves. He referenced the Coinbase-backed Tornado Cash case, where a hostile takeover by a hacker led to a significant loss, prompting DOJ action against the code developers.

“There 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 – freedom to code,” Ramaswamy stated.