Presidential Hopeful Vivek Ramaswamy Advocates 'Three Freedoms of Crypto'; Defends Code Developers
Summary:
U.S. Presidential candidate Vivek Ramaswamy unveiled a crypto policy framework called "The Three Freedoms of Crypto", stating developers of smart contract code should not be held responsible for how users utilize such code. The framework also offers new cryptocurrencies temporary exemptions from securities laws post-launch and seeks to bar federal agencies from imposing rules that limit the use of self-hosted wallets. Ramaswamy notably criticized sanctions on crypto mixer Tornado Cash, advocating for legal action against individual lawbreakers instead of the code's creators.
During the North American Blockchain Summit in Fort Worth, Texas, Vivek Ramaswamy, a Republican U.S. Presidential aspirant, revealed a policy structure concerning cryptocurrency on November 16. This arrangement, known as "The Three Freedoms of Crypto," argues that creators of smart contract code shouldn't bear responsibility for how the code is used. The policy document outlines Ramaswamy's commitment to redirect governmental prosecution toward those misusing the code, instead of the developers who created the code, in case he is elected President. He also elaborated on this position in a speech, specifically criticizing sanctions on cryptocurrency mixer Tornado Cash, defending the developers of the code.
Alongside this, the document also includes Ramaswamy's assurance to clarify regulations that offer new cryptocurrencies a grace period post-launch, exempt from securities laws. He also intends to stop federal agencies from crafting regulations obstructing the use of self-hosted wallets.
Crypto mixers like Tornado Cash facilitate users to deposit cryptocurrency and receive it at a different address, mingling it with others' crypto in the process. This mechanism veils the receiver's identity. In 2022, the U.S. Government sanctioned Tornado Cash on the suspicion that it abetted money laundering. Critics, however, have protested against this action, maintaining it violates freedom of speech, centered on the code more than the individual or an entity operating it.
Ramaswamy shares this perspective, asserting that sanctions against mixers infringe upon the First Amendment. He believes that coding is a form of protected speech under the First Amendment, arguing that legal enforcement should focus on individual perpetrators who breach existing laws, not the code's creators.
As per RealClearPolitics' recent polls for the Republican Presidential Primary in New Hampshire, Ramaswamy ranks third or fourth, trailing behind Donald Trump, Nikki Haley, and potentially Ron DeSantis. Presently, poll results show his support ranging from 0% to 8% among Republican voters on November 16. As a pro-drug policy maker, Ramaswamy declared on May 21 that he would openly receive campaign donations in Bitcoin.
Published At
11/16/2023 7:30:00 PM
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