Former U.S. 2024 presidential candidate Vivek Ramaswamy has stressed the need for clear regulation of cryptocurrencies. He criticized the current regulatory approach to cryptocurrencies, calling it “anti-American to the core.”
In an interview with Yahoo Finance on Wednesday, Vivek Ramaswamy argued that there is a lack of clarity in the regulation of cryptocurrencies. He criticized the current “regulation through enforcement” approach, which has created an unfair environment for companies.
“This is not how this country is supposed to work,” he – he told the publication. “Whether it’s cryptocurrencies or financial services more broadly, we deserve more clarity, not ambiguity. Ambiguity is a tyrant’s friend.”
In addition, Vivek Ramaswamy said that former U.S. President Donald Trump, if elected in November, would be a “friend” of cryptocurrencies.
Speaking on the Market Domination Overtime program, Ramaswamy criticized the Fed’s dual mandate on unemployment and inflation. He suggested that it would often lead to untenable outcomes for both.
Vivek Ramaswamy’s deregulation of the cryptocurrency industry
Last year, the presidential candidate, who later withdrew, called for massive deregulation of the cryptocurrency industry. He was the first candidate to release a cryptocurrency plan at the time.
The biotech entrepreneur’s cryptocurrency plan included a 75% reduction in the federal workforce, including the SEC. He said deregulation of financial and investment regulations would be a priority.
However, the plan will not only affect roles overseeing cryptocurrency regulation, but also the SEC’s broader ability to regulate financial markets. He criticized the securities regulator, saying the “shadow government” has tried to stifle the growth of cryptocurrencies from the start. “This will end during my term,” he added – he added.
Last month, Ramaswamy predicted that current Vice President and 2024 presidential candidate Kamala Harris might adopt a cryptocurrency-friendly “talking point.”
“It’s just a matter of fighting for votes that she will take a thoughtful stance,” he – Ramaswamy said in an interview with CNBC. In addition, he said it would be good for the country if it proposed a thoughtful framework or policy on digital assets.
