The cryptocurrency scene has received significant attention with the recent statement from Charles Hoskinson, founder of Cardano. Hoskinson has expressed his support for the “Crypto Bill of Rights,” an initiative proposed by Vivek Ramaswamy, an influential Republican candidate for president of the United States. This approach highlights a growing movement towards clearer and fairer regulation in the cryptocurrency space.
MetaLawMan, a crypto lawyer using the X platform (formerly known as Twitter), released a summary of Ramaswamy’s views on the sector. Ramaswamy, if elected, has promised to ensure that regulators only enforce crypto policies explicitly approved by the US Congress. Furthermore, he advocates the idea that most digital assets should be categorized as commodities, a perspective that resonates widely within the crypto community.
That’s clear and awesome https://t.co/c4R2ta6jKg
— Charles Hoskinson (@IOHK_Charles) January 14, 2024
Ramaswamy’s proposal addresses several crucial aspects of the cryptocurrency industry. It emphasizes the right of individuals to hold digital assets in self-custodial wallets, outside of excessive regulatory reach. Furthermore, he argues that government classification of any crypto token must be transparent and accessible to the public. This viewpoint aligns with the need for greater clarity and openness in the cryptocurrency space.
Another important aspect of Ramaswamy’s proposal is the inclusion of stablecoin issuers in accessing the Federal Reserve’s financial facilities, putting them on equal footing with traditional banks. This approach suggests greater integration and recognition of cryptocurrencies in the mainstream financial system.
Furthermore, Ramaswamy expressed concern about the Tornado Cash case, arguing that software developers should not be held criminally or civilly liable just for creating code. This position reflects a deeper understanding of the technical nuances and innovative nature of cryptocurrency technology.
According to reports, Ramaswamy has proposed a significant change at the US Securities and Exchange Commission (SEC), suggesting the layoff of most of its employees if elected. This radical proposal reflects his view that the SEC has been an obstacle to the advancement of the cryptocurrency industry. He believes that most cryptocurrencies are commodities, therefore outside the jurisdiction of the SEC, and that the agency should step back from its intervention in the sector.
Ramaswamy’s stance on cryptocurrency regulation and his vision for how the US government should interact with this emerging sector have gained significant support, especially from prominent figures like Charles Hoskinson. The defense of clearer and fairer regulation, together with the recognition of the potential inherent to cryptocurrencies, are fundamental steps towards the maturity and wider acceptance of this market.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.