Vivek Ramaswamy Calls Current Crypto Regulation ‘Anti-American at its Core’

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Sujha Sundararajan

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Sujha Sundararajan

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September 5, 2024 02:25 EDT

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Former 2024 US Republican Presidential candidate Vivek Ramaswamy has stressed the need for clear crypto regulations. He slammed the current crypto regulatory approach, calling it “anti-American at its core.”

Speaking with Yahoo Finance on Wednesday, Vivek Ramaswamy argued that there is lack of clarity in crypto regulation. He criticized the current approach of “regulation by enforcement,” which has created unfair environment for firms.

“That’s not how this country is supposed to work,” he told the publication.

“Whether it’s crypto or financial services more broadly, we deserve greater clarity rather than ambiguity. Ambiguity is the friend of the tyrant.”

Further, Vivek Ramaswamy said the former US President Donald Trump, if elected in November, would be “a friend” to crypto.

Appearing on the Market Domination Overtime show, Ramaswamy criticized the Fed’s dual mandate on unemployment and inflation. He suggested that this would often give unsustainable results on both.

Vivek Ramaswamy’s Deregulation of the Cryptocurrency Industry

Last year, the Presidential nominee, who dropped out later, called for mass deregulation of the cryptocurrency industry. He was the first Republican candidate back then, to release a crypto plan.

The biotech entrepreneur’s crypto plan called for a 75% reduction of the federal workforce, including the SEC. He said deregulation of financial and investment rules would be a priority.

However, the plan would not only affect roles overseeing crypto regulation, but also SEC’s broader ability to regulate financial markets.

He slammed the securities regulator, stating that the “shadow government” tried to squash the rise of crypto since its inception. “That ends on my watch,” he added.

Last month, Ramaswamy predicted current Vice President and the 2024 Presidential hopeful Kamala Harris might adopt crypto-friendly “verbiage.”

“It’s just a matter of competing for votes that she’s going to adopt a thoughtful position,” Ramaswamy told CNBC. Further, he said that that would be a good thing for the country, if she offers a thoughtful digital asset framework or policy.