- Cardano founder has signaled his approval of the “Crypto Bill of Rights” proposed by Vivek Ramaswamy.
- Ramaswamy plans to ensure that regulators will only enforce crypto policies explicitly adopted by Congress.
- The Republican Party’s presidential candidate believes most crypto assets should be classified as commodities.
Cardano founder Charles Hoskinson has signaled his approval of the “Crypto Bill of Rights” proposed by Vivek Ramaswamy, a Republican presidential candidate in the forthcoming U.S. Presidential election. A crypto lawyer posting as MetaLawMan on X (formerly Twitter), shared a summary of Ramaswamy’s position on crypto.
According to MetaLawMan, Ramaswamy said that if elected president, he will ensure that regulators will only enforce crypto policies explicitly adopted by Congress. He also added that most crypto assets should be classified as commodities.
As contained in the presidential candidate’s proposal regarding cryptocurrencies, MetaLawMan highlighted that Ramaswamy believes everyone has the right to hold digital assets in self-custody wallets and beyond the reach of regulators. He also believes that the government’s classification of any crypto token should be public knowledge, which everyone has the right to know in advance.
Furthermore, Ramaswamy believes the Federal Reserve should be obligated to give stablecoin issuers access to Fed financial facilities, as is the case with banks. He also showed concern over the treatment of Tornado Cash, arguing that software developers shouldn’t be subject to criminal or civil liability just for writing code.
According to reports, Ramaswamy has threatened to relieve most U.S. Securities and Exchange Commission (SEC) staff of their duties if elected president. He pledged that those remaining in the agency’s payroll would back off the crypto industry.
Further reports reveal that the Republican presidential candidate believes most cryptocurrencies are commodities and none of the SEC’s business. Hence, his plan to disarm the regulator, which many community members believe is an obstacle to the crypto industry’s development.
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