Ramaswamy: The Sole GOP Candidate with a Clear Crypto Plan

• Vivek Ramaswamy: A Presidential Hopeful with a Comprehensive Crypto Plan
• Ramaswamy's Bold Message to U.S. SEC Employees
• Crypto Enthusiasm Sets Him Apart
• A Need for Regulatory Clarity
• Reducing the Federal Workforce
• Implications for the Crypto Industry
• Presidential Promise: Protection to Developers and Wallet Owners

Vivek Ramaswamy: A Presidential Hopeful with a Comprehensive Crypto Plan

Presidential candidate Vivek Ramaswamy has detailed an ambitious plan for the cryptocurrency industry with the aim of safeguarding critical aspects including software developers and self-hosted digital wallets. He expresses his desire to drastically reduce the size of the federal government and to shift cryptocurrency into a clear regulatory framework that typically regards tokens as commodities.

Ramaswamy's Bold Message to U.S. SEC Employees

In an assertive move, Republican presidential candidate Vivek Ramaswamy has a clear message for a large percentage of the U.S. Securities and Exchange Commission's (SEC) employees if he is elected: their services will no longer be required. Furthermore, remaining employees would have to adopt a hands-off approach towards the crypto industry, according to Ramaswamy's newly formulated policy strategy for U.S. digital assets.

As per the crypto plan that Ramaswamy shared with CoinDesk and is planned for public release at the North American Blockchain Summit in Texas, most cryptocurrencies are commodities and fall outside the purview of the SEC. The pharmaceutical entrepreneur is currently among the top four GOP candidates, with 5% support in a decreasing field dominated by former President Donald Trump, according to polling data.

Crypto Enthusiasm Sets Him Apart

Ramaswamy sets himself apart from his competitors with his fervent support for crypto as a financial innovation. A key part of his argument is the need to protect a number of freedoms within the sector, including the right to code without fear of legal repercussions, the right to maintain self-hosted digital wallets beyond the reach of regulators, and the right to know how each new virtual asset will be treated by government.

A Need for Regulatory Clarity

Ramaswamy asserts that there is a significant lack of clarity from regulatory bodies today. His aim is to cancel any regulations that currently allow them to target legal behavior under the guise of disapproval. The presidential hopeful firmly asserts that such behavior can be put to an end under his leadership.

Reducing the Federal Workforce

Ramaswamy's ambitious plan includes a reduction of the federal workforce by 50%, including the SEC, on his first day in office. The candidate believes that a major part of today's issues stems from the growth of bureaucracy that he can suppress and control as U.S. president without needing congressional approval.

Minimizing the federal workforce has been a popular political goal that elected officials have historically struggled to achieve. There have been few changes to employment numbers over the years, with current figures similar to those from the 1970s. Ramaswamy's concept will need to navigate a labyrinth of labor and government-employment laws, presenting a significant challenge to implementation.

Implications for the Crypto Industry

If successful, Ramaswamy's streamlined regulatory bodies will be tasked with enforcing only crypto policies explicitly provided by Congress. For new assets, he advocates a process providing an initial safe harbor, followed by programmed classification into securities or commodities. He predominantly believes that most assets will be categorized as commodities. He criticizes the current approach from regulators as flawed, particularly highlighting SEC Chair Gary Gensler's reluctance to clarify the classification of Ether (ETH).

Presidential Promise: Protection to Developers and Wallet Owners

A key promise from Ramaswamy is to protect software developers from prosecution simply for writing code and to safeguard the rights of individuals to maintain unhosted wallets, which he views as crucial tools for independence in the digital age.

Given the likelihood of facing resistance from Congress in implementing his agenda, Ramaswamy's plan concentrates on what can be achieved by the executive branch. Implementing major changes to regulatory agencies often depend on installing new leaders - a process that usually requires Senate confirmations and can extend well into a president's term.

Among Ramaswamy's policy positions, he proposes that the Federal Reserve give stablecoin issuers the same access to Fed facilities as incumbent banks. However, even if he succeeds in installing a new chairman and other governors onto the Fed board, this move might be challenging as the central bank is an independent entity resistant to presidential intervention.

Regardless of whether Ramaswamy's objectives are achievable or not, significant changes could be on the horizon for the U.S. crypto industry by 2025 due to major digital assets rule proposals poised for adoption by the SEC and the Internal Revenue Service. These proposals could drastically change how the industry operates in the U.S. and federal courts are on the cusp of making hugely significant decisions.

Edited by Jonathan Stoker