Republican Presidential Candidate Unveils Crypto Policy Framework
At the North American Blockchain Summit, Republican U.S. Presidential candidate Vivek Ramaswamy revealed a crypto policy framework called “The Three Freedoms of Crypto.” This framework proposes that developers of smart contract code should not be held accountable for the actions of individuals using the code. Ramaswamy promised to direct government prosecutors to go after bad actors, not the code or its developers if elected President.
Additionally, the framework pledges to offer regulatory clarity and exemptions from securities laws for new cryptocurrencies. It also aims to prevent federal agencies from creating rules that restrict the use of self-hosted wallets. In his speech, Ramaswamy specifically addressed sanctions against Tornado Cash, emphasizing that developers of code should not be targeted.
LIVE ON @X — Unveiling my Three Freedoms of Crypto policy from the stage of the North American Blockchain Summit. @txblockchain_ https://t.co/0szwPNAfuj
— Vivek Ramaswamy (@VivekGRamaswamy) November 16, 2023
Tornado Cash and Sanctions
Crypto mixers like Tornado Cash allow users to deposit crypto and have it sent to a different address than the one they deposited with, effectively obscuring the recipient’s identity by mixing it with other users’ crypto. In 2022, Tornado Cash was sanctioned by the US Government for facilitating money laundering. Critics argue that this violated freedom of speech as it targeted the code rather than specific individuals.
In his speech, Ramasway echoed these sentiments, stating that sanctions against mixers infringe on First Amendment rights as code is a form of speech protected by law.
Related: Vivek Ramaswamy: Grayscale win ‘clears a path’ for Bitcoin innovation
Ramaswamy’s Political Standing
According to RealClearPolitics, recent Republican Presidential Primary polls in New Hampshire show Ramaswamy in third or fourth place. He announced on May 21 that he would accept Bitcoin campaign donations.
Hot Take: The Impact of Ramaswamy’s Framework on Crypto Regulation
Ramaswamy’s crypto policy framework addresses key issues such as developer liability, regulatory clarity for new cryptocurrencies, and restrictions on self-hosted wallets. This indicates a shift in approach towards regulating crypto assets and technologies if he were to become President. By advocating for protection of developers and upholding free speech rights in relation to code, his framework could significantly impact future crypto regulations and legal actions against individuals and entities involved in crypto-related activities.
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