Cryptocurrency regulations ‘need to catch up’: Ramaswamy

2 views 6:52 am 0 Comments December 19, 2023
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(NewsNation) — Businessman Vivek Ramaswamy has released a cryptocurrency plan he says will “ensure economic freedom for Americans,” promising to “fix” the framework in the U.S.

In the fourth GOP presidential debate, he vowed to use the executive power of being president to address the bureaucracy within the cryptocurrency industry, which he says “isn’t working.”

“I think that this is just another example of the administrative state gone too far. Here’s the dirty little secret in American politics today. The people who we elect to run the government are not the ones who are even actually running the government. It is the bureaucrats in those three-letter agencies that are writing regulations that Congress never gave them the authority to write,” Ramaswamy said.

In response to whether his cryptocurrency plan will also ensure economic freedom for terrorists like Hamas, the former biotech entrepreneur said, “Fraudsters, criminals and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current moment.”

Last month, Ramaswamy released a plan for cryptocurrency that calls for the repeal of Securities and Exchange Commission regulations and a path for the digital tokens to be considered commodities.

“By the end of year one, we will have a 75% reduction in the number of federal bureaucrats. We will shut down government agencies that should not exist,” Ramaswamy said in the debate.

On Monday, cryptocurrency soared past $41,000 for the first time in over 18 months — marking a 150% rise so far this year.

Industry advocates say this new way of investing in bitcoin at spot prices, instead of futures, could make it easier for anyone to enter the cryptoverse while lowering some of the well-documented risks associated with investing in cryptocurrencies.

The Associated Press contributed to this report.