A Comprehensive Crypto Policy Framework on the Horizon
A major contender for the US Presidency, Vivek Ramaswamy, has revealed plans to release a “comprehensive crypto policy framework” by Thanksgiving. During a crypto event, Ramaswamy criticized what he referred to as “three-letter” agencies like the SEC, stating that they were an unconstitutional fourth branch of government. Messari CEO Ryan Selkis confirmed that he had seen the framework and that it was already 75% complete. This development comes at a time when US lawmakers are increasingly focusing on regulating the rapidly growing crypto sector.
Progress in Crypto Legislation
In summer 2022, Senators Cynthia Lummis and Kirsten Gillibrand introduced legislation to regulate the entire crypto sector in the US. However, little progress has been made on this front in the past year. On the other hand, a bill specifically targeting the regulation of US dollar-pegged stablecoins has gained more traction, with a House committee advancing it earlier this summer. While Ramaswamy’s chances of becoming president are slim, his embrace of crypto reflects a broader trend of growing interest and attention towards legislation surrounding cryptocurrencies.
The Need for Legal Clarity
Leaders in the US crypto industry have expressed frustration over the lack of legal clarity in the sector. The SEC’s crackdown on major US crypto firms, accusing them of offering unregistered securities to customers, has exacerbated this issue in 2023. Another GOP presidential candidate, Ron DeSantis, has also positioned himself as pro-Bitcoin since announcing his bid for GOP leadership. With the increasing momentum and focus on cryptocurrencies within Congress and across the political landscape, it appears that comprehensive legislation is inevitable.
Hot Take: Crypto Regulation Gains Momentum in US Politics
The US political landscape is witnessing a surge in attention towards crypto regulation. With Vivek Ramaswamy’s plans to release a comprehensive crypto policy framework and the ongoing discussions surrounding crypto legislation, it is clear that the industry’s future is at the forefront of political agendas. The lack of legal clarity and the SEC’s actions against major crypto firms have further fueled the need for regulatory frameworks. As the race for the US Presidency unfolds, it will be interesting to see how candidates’ positions on cryptocurrencies and blockchain technology shape their campaigns and potentially influence the future of the industry.
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