Candidate Pledges to Restructure SEC and Reinvent US Crypto Policy

Candidate Pledges to Restructure SEC and Reinvent US Crypto Policy

Vivek Ramaswamy has swiftly emerged as a figurehead for the crypto sector within the Grand Old Party (GOP) presidential race.

A biotech entrepreneur by trade, Ramaswamy has cast himself in a new role: a crusader for crypto, promising sweeping changes to how the U.S. approaches the burgeoning digital currency market.

His energetic tirades have targeted the country’s regulatory framework, often describing agencies like the Securities and Exchange Commission (SEC) as symptomatic of a “cancer” afflicting the U.S. government.

Per Eleanor Terrett, the entrepreneur’s recent declarations indicate a strategy to diminish the powers and scope of multiple federal agencies, including a bold claim to reduce the federal workforce by 75%.

Challenging the SEC

A central theme of Ramaswamy’s campaign has been the overt criticism of the SEC, particularly under the leadership of Chairman Gary Gensler.

Many in the crypto community have perceived the agency’s stance as erratic, with some accusing it of “regulation by enforcement.” The SEC’s approach, they argue, stifles innovation and restricts the growth potential of the U.S. crypto sector.

At a recent engagement at the Messari Mainnet conference, Ramaswamy didn’t mince words, suggesting that agencies like the SEC function as an “unconstitutional fourth branch of government.”

His disdain for these bodies, often described in political parlance as the “deep state,” mirrors sentiments expressed by former President Donald Trump, painting them as shadowy entities wielding undue power without public accountability.

A bold vision for crypto

While Ramaswamy’s aggressive stance towards regulatory agencies might dominate headlines, his vision for the crypto landscape intrigues many stakeholders. His promise to deliver a “comprehensive crypto policy framework” by Thanksgiving offers hope to many who believe that clear, supportive regulations can propel the U.S. to the forefront of the global crypto scene.

Acknowledging the prevalent sentiment of ambiguity being a tyrant’s ally, Ramaswamy contends that the issues faced by the U.S. crypto sector are solvable under decisive presidential leadership. Given his track record in the tech space and the assertiveness with which he has approached his campaign, there’s a growing belief that his crypto policy could be a game-changer.

Ramaswamy’s radical blueprint

Ramaswamy’s vision for America is more expansive than cryptocurrency reforms. While he acknowledges man-made climate change, his solutions, such as intensifying fossil fuel usage, appear counterintuitive.

Moreover, his calls to abolish significant government bodies like the FBI and the Department of Education, while shocking to many, resonate with a section of the electorate that believes in minimizing federal interference in state and individual affairs.

These policy proposals underscore Ramaswamy’s broader ideological stance, which seeks to challenge established governance norms and redefine the relationship between the state and its citizens.

The crypto-revolutionary?

As the GOP primary season heats up, Ramaswamy’s bold declarations and policy promises place him firmly as a candidate to watch.

According to people familiar with the matter, by intertwining his passion for crypto with a broader critique of U.S. governance, he has carved a unique niche for himself.

Whether one views him as a crypto revolutionary or a radical reformist, what’s clear is that Vivek Ramaswamy’s campaign is pushing the boundaries of political discourse and, in doing so, shaping the future of crypto policy discussions in the U.S.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.