Following speculation that former President Donald Trump might select Republican Vivek Ramaswamy as his vice presidential candidate, Ramaswamy’s chances have significantly increased on prediction platforms like Polymarket. Over the last three days, his odds have jumped by 1,100%. Ramaswamy Gains Momentum in VP Stakes on Prediction Markets On Tuesday, the internet buzzed with ongoing speculation […]
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Vivek Ramaswamy Blasts SEC Chair Gary Gensler: ‘Regulations Need to Catch Up’
Presidential candidate Vivek Ramaswamy heavily criticized the lack of action of the U.S. Securities and Exchange Commission (SEC) and its chair, Gary Gensler, on the fraud cases in the crypto industry. Ramaswamy stated that regulations needed to catch up and that the existence of these cases was evidence that the current framework was not working.
Vivek Ramaswamy Calls for an Overhaul of the Current Crypto Regulatory Framework
Vivek Ramaswamy, a Republican presidential hopeful, has criticized how regulators have failed to address cryptocurrency fraud cases, including the billionaire demise of FTX. During the 4th GOP debate held on Wednesday, Ramaswamy explained that the current regulations have been insufficient to deal with these infamous cases, including the bankruptcies of FTX due to the actions of its founder, Sam Bankman Fried (SBF), and other crypto companies.
When asked if his crypto policies would “ensure freedom for fraudsters, criminals, and terrorists,” Ramaswamy answered:
Fraudsters, criminals, and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current moment. The fact that SBF was able to do what he did at FTX shows whatever they have as a current framework isn’t working.
Ramaswamy continued by calling out the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, stating that it was “nothing short of embarrassing” that he couldn’t even assess whether Ether counted as a regulated security or not in a congressional hearing held in April when House Financial Services Committee Chairman Patrick McHenry repeatedly asked on the subject.
Ramaswamy noted that this constituted evidence that the “administrative state” had gone too far. He concluded:
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 has been a vocal critic of the SEC’s actions, stressing that it would roll back most of the SEC crypto regulations if he gets elected.
What do you think about Ramswamy’s criticism of the SEC and crypto regulations in the U.S.? Tell us in the comments section below.
Vivek Ramaswamy Reveals Crypto Policy Framework — Plans to Roll Back Most of SEC Crypto Regulations
U.S. presidential candidate Vivek Ramaswamy has unveiled his “Three Freedoms of Crypto” policy framework. He stated that as President, he will ensure that innovative sectors, including crypto, are “liberated from the shackles of the unconstitutional shadow government.” He expects to rescind most, if not all, of the U.S. Securities and Exchange Commission (SEC) regulations that apply to cryptocurrencies.
Vivek Ramaswamy’s Crypto Policy
U.S. presidential candidate Vivek Ramaswamy unveiled his cryptocurrency policy on Thursday. He wrote on social media platform X:
Rolling out my ‘Three Freedoms of Crypto’ policy framework at the North American Blockchain Summit this morning in Texas.
“Since the inception of crypto, the shadow government in the administrative state in Washington, D.C., and its cronies on Wall Street have tried to quash its rise. They have implemented policies through the *backdoor* using administrative rule-making and arbitrary enforcement that Congress never passed,” the presidential hopeful described.
“As President, I will ensure that innovative sectors, from crypto to energy to drug discovery, are liberated from the shackles of the unconstitutional shadow government,” he added.
Ramaswamy clarified that the three basic principles he rolled out form the backbone of what will be the forthcoming cryptocurrency policy framework under his administration. He also believes that these principles can influence the approach taken by Congress or future U.S. presidents when addressing the crypto sector. Outlining the three principles, he stated:
They are the freedom to code, the freedom to financial self-reliance, and the freedom to innovate free from regulatory overreach.
The presidential hopeful then explained each principle in more detail. “I believe that code is a form of speech and it’s protected by the First Amendment,” he said. Referencing the Tornado Cash case, he stressed that you can’t go after the developers, you need to go after individual bad actors breaking the laws that already exist on the books.
As for the freedom to financial self-reliance, he views the Bank Secrecy Act (BSA) and a number of money laundering statutes that are working their way through Congress as “fundamentally unconstitutional.” Specifically, he promised: “Any regulation that touches self-hosted wallets will end on my watch.”
Regarding the freedom to innovate free from regulatory overreach, Ramaswamy referenced a landmark ruling by the U.S. Supreme Court in the West Virginia v. EPA [Environmental Protection Agency] case which held that the regulatory agency lacks the authority to regulate greenhouse gas emissions. Ramaswamy promised:
On day one as your next president, I will rescind any unconstitutional regulations that fail the Supreme Court test in West Virginia v. EPA. To be clear, that will include most, if not all, of the SEC regulation as it applies to crypto.
He added that on day one of his presidency, he’ll make sure that all regulatory agencies stand down from “enforcing any regulations that fail that test,” noting that in year one, he expects a “75% reduction in the number of federal bureaucrats.”
What do you think about the crypto policy unveiled by U.S. presidential candidate Vivek Ramaswamy? Let us know in the comments section below.
Elon Musk, Vivek Ramaswamy Warn of Increasing World War III Risk — ‘The US as We Know It Will Cease to Exist’
Tesla CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy have cautioned about the increasing risk of World War III erupting. “I think we are sleepwalking our way into World War III,” Musk said. Ramaswamy warned: “If we enter a major conflict, anything resembling World War III against a Russia-China alliance with potentially Iran and/or North Korea included on the other side, the United States as we know it will cease to exist.”
Elon Musk, Vivek Ramaswamy Discuss World War III Risk
Tesla and Spacex CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy discussed their perspectives on the growing risk of World War III Monday during a discussion on social media platform X. The discussion, titled “Where is Israel-Hamas war headed? Could this lead to WW3?,” was hosted by venture capitalist David Sacks, with Ramaswamy as the co-host. In addition to Musk and Ramaswamy, the event featured several other speakers, attracting an audience of over 915,000 listeners.
Musk said “the most important issue” to discuss is “how do we avoid World War III?” He explained that “World War III is a civilizational risk that we may not recover from,” therefore we need to “prioritize avoiding World War III” and not let “a regional conflict rapidly become a global conflict.” The billionaire cautioned:
People are overestimating U.S. military power … We don’t have the power differential that we used to have.
“A combination of Russia, China, and Iran should be viewed as very strong relative to the West,” the Tesla boss emphasized. “We are not fighting small fry here … It is a massive battle where the industrial capacity is of comparable size to the Western alliances.”
The billionaire continued: “We do not have an overwhelming advantage in industrial might … and the foundation of war is economic power, especially industrial output … In fact, it may be the case, if not now in the future, it probably will be that a Russia-China-Iran alliance can outproduce the Western alliance.”
Musk explained: “The point is that in order for there to be a global conflict of World War III, you have to have two superpower alliances like that, where one cannot easily defeat the other one, and that is the case. And that, I think is a massive shift in thinking that most people do not understand.”
The Spacex chief pointed out: “Russia has the raw materials and China has the industrial capacity — Frankly, a perfect match from a war standpoint.” He added: “Unfortunately, our [U.S.] policy has been driving, forcing really, Russia and Iran to ally with China. It’s been forcing them. What choice have we given them?” He stressed:
We need to stop doing that. It’s unwise, and I think it will lead to immense risk to civilization … We need to make sure we are not putting civilization itself at stake, which is World War III.
‘The United States as We Know It Will Cease to Exist’
Ramaswamy shared Musk’s concern about World War III being a civilizational risk. He said during the discussion that “a different way of saying civilizational risk because there’s a lot of other things that would also cease to exist” is to say that “If we do enter World War III, it is likely that the United States as we know it will cease to exist.”
The presidential hopeful emphasized that “it’s important for people to understand” the risk to the United States in case of WWIII, “especially when the U.S. homeland is as vulnerable as we have been in modern memory, not just from a border perspective but from missile defense or cyber defense or defenses against super electromagnetic pulse attacks.”
He additionally highlighted various factors amplifying the risks, such as “Russia’s hypersonic missile capabilities, nuclear capabilities,” which he noted are ahead of the U.S., and “China’s naval capacity, which arguably is ahead of ours.” Moreover, “our economic dependence on China” and a range of other factors, when you consider the Western allies in contrast to the “alternative alliance between Russia, China, Iran, and North Korea,” have heightened the risks, he detailed.
Reiterating that “The existence of the United States itself is what we are talking about as being on the line here,” Ramaswamy emphasized:
If we enter major conflict, anything resembling World War III against a Russia-China alliance with potentially Iran and/or North Korea included on the other side, the United States as we know it will cease to exist.
‘We Should Restore Normal Relations With Russia’
Musk also believes that it’s imperative for the U.S. to restore normal relations with Russia. “From a civilizational risk standpoint, we should restore normal relations with Russia … because the alternative is … an axis of immense power against the West and laying the groundwork for World War III,” the billionaire cautioned.
“I see no benefit and only bad things, frankly, in prolonging the Ukraine and Russia conflict … bad things for Ukraine and bad things for the United States and bad things for the world,” Musk opined. “So we should seek peace. I think immediately we should seek to restore normal relations as soon as possible. This is not some kind of reward for Russia. This is simply recognizing the realities and the risks that the world faces and ensuring that there is the highest likelihood of a positive future for human civilization.”
The billionaire concluded: “The most important thing is avoiding World War III because we may never recover from World War III and I think currently the risk of World War III is increasing rapidly. And I think if relations are renormalized with Russia, the probability of World War III is dramatically lower.” Musk stressed:
I think we are sleepwalking our way into World War III … with one foolish decision after another.
Do you agree with Elon Musk and presidential candidate Vivek Ramaswamy about the risk of World War III? Let us know in the comments section below.
Vivek Ramaswamy Plans to Have Crypto Policy Ready by Thanksgiving
Presidential hopeful Vivek Ramaswamy is working on a crypto policy framework that he aims to finalize by Thanksgiving. The Republican criticized the regulation-by-enforcement approach of U.S. government agencies like the securities regulator under the administration of President Joe Biden and vowed to cut three-fourths of their personnel.
Presidential Candidate Vivek Ramaswamy Preparing His Crypto Platform
Vivek Ramaswamy, one of the contenders for the Republican Party’s nomination for the 2024 U.S. presidential election, is drafting a crypto policy framework. The Bitcoin-friendly candidate wants to present his platform by Thanksgiving.
On Thursday, Ramaswamy unveiled his plan at the Messari Mainnet conference, catching the attention of U.S. media and exciting members of the crypto community. The right-wing politician said the blueprint is 75% ready, asking the audience for input.
@VivekGRamaswamy in the house at Mainnet talking crypto, regulation, and running for president pic.twitter.com/Kar6topmS7
— Phil Rosen (@philrosenn) September 20, 2023
The Republican made the announcement during a discussion with Messari CEO Ryan Selkis who has been helping Ramaswamy with the draft and confirmed the progress made by his team so far. Selkis was quoted by DL News as stating:
A major presidential candidate actually having a fully baked position on crypto is something — I hope people will take up Vivek and his campaign on actually submitting some feedback.
If Ramaswamy makes good on his promise, he is likely to become the first among Republican hopefuls for the White House to put out a comprehensive proposal to regulate crypto assets and related activities in the United States.
The GOP front-runner, former President Donald Trump, has previously made it clear he is “not a fan” of cryptocurrencies despite issuing a collection of non-fungible tokens (NFTs) with his image and declaring an Ethereum wallet with at least million in its balance.
Florida Governor Ron DeSantis, who is ahead of Vivek Ramaswamy in most polls, has promised to protect people’s rights to use bitcoin and end the current government’s “war on cryptocurrency” waged by regulators under the administration of Democratic President Joe Biden.
However, DeSantis is yet to elaborate on his crypto policy in case he is elected president. Both DeSantis and Ramaswamy have made statements against plans to issue a U.S. central bank digital currency (CBDC) describing it as a “threat to liberty” in America.
During the crypto event in New York, Ramaswamy, a 38-year-old entrepreneur with background in the pharmaceutical and biotech industries as well as finance, also criticized federal agencies for their “regulation by enforcement” attitude. He also vowed to lay off three-fourths of the staff of regulatory bodies like the U.S. Securities and Exchange Commission (SEC).
Do you expect other presidential candidates to also prepare dedicated crypto policy frameworks? Tell us in the comments section below.
Court Ruling in Favor of Grayscale Clears Path for Bitcoin Innovation in US: Vivek Ramaswamy
Grayscale’s court win over the U.S. securities regulator will help keep crypto innovation in America, Republican presidential hopeful Vivek Ramaswamy is convinced. While praising the “strong decision,” Ramaswamy also commented that the case should have never reached the courts.
Federal Courts Are the Only Line of Defense Against Shadow Government, Ramaswamy Says
The court ruling in the case of Grayscale Investments against the U.S. Securities and Exchange Commission (SEC) clears a path to keep Bitcoin and blockchain innovation in America, according to Vivek Ramaswamy, a candidate for the Republican Party’s nomination for the 2024 presidential election in the United States.
Ramaswamy took to social media to share his thoughts on the recent decision of the U.S. Court of Appeals for the District of Columbia Circuit in favor of the largest crypto asset manager. Grayscale had challenged the SEC’s move to deny the conversion of its bitcoin trust (GBTC) to a spot bitcoin exchange-traded fund (ETF).
“The shadow government in D.C. is out of control,” the conservative runner for the White House stated in a post on X, formerly Twitter. In his view, the federal courts are now the only remaining line of defense “against the unlawful rogue behaviors of 3-letter government agencies.”
In his tweet on Wednesday, the entrepreneur described the decision as “strong” and emphasized that it “clears a path to keep Bitcoin & blockchain innovation in the U.S. instead of overseas.” At the same time, he expressed his opinion that the case “should have never reached the courts in the first place.”
Ramaswamy vowed that “On Day 1, I will rescind *all* federal regulations that fail the Supreme Court’s test in West Virginia vs. EPA – which quite literally includes *most* federal regulations,” referring to a landmark decision on the extent to which the Environmental Protection Agency can regulate carbon dioxide emissions.
Amid an ongoing regulatory crackdown, including a number of lawsuits involving the SEC, other government agencies, and major crypto companies such as Binance and Coinbase, U.S. authorities have been criticized for employing a “regulation by enforcement” approach regarding the crypto industry. The U.S. judiciary has recently sided with the sector in another case, that of the SEC against Ripple.
Vivek Ramaswamy, who announced his presidential candidacy in February 2023, is one of several crypto-friendly runners, including Republican Governor of Florida Ron DeSantis who has promised to protect people’s rights to use bitcoin. Both have also spoken against central bank digital currency (CBDC) describing it as a “threat to liberty” in America.
Do you agree with Vivek Ramaswamy’s comments on Grayscale’s court victory? Share your thoughts on the case in the comments section below.
CBDC Is Grave Threat to Liberty, Presidential Hopeful Vivek Ramaswamy Warns
The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to democracy in the United States.
CBDC Is the ‘Latest Trojan Horse of the Great Reset,’ Opponent Ramaswamy Says
Vivek Ramaswamy, one of the runners in the 2024 Republican Party presidential primaries, has criticized the U.S. government for considering a digital version of the dollar. “It’s telling that Janet Yellen is pushing for the U.S. to adopt CBDCs, begging Americans to keep up with the Jinpings,” he tweeted on Wednesday.
Ramaswamy believes that “CBDCs are just the latest Trojan horse of the Great Reset and are a clear path to a social credit system that will permanently embed ESG into our currency itself.” In his view, “the dollar will be *stronger* if we protect it from digitization.”
In a video posted on X, formerly Twitter, the American entrepreneur said he is a “big opponent” of central bank digital currencies, which he considers to be “a grave threat to liberty in this country,” for the same reason that China is adopting them. He elaborated:
In the U.S., that’s become an argument to say we need to do that to keep up. I view it the other way — precisely for the reasons that Xi Jinping wants to adopt it, is exactly the reasons why we in the United States shouldn’t.
Fed Should Focus on Stabilizing Dollar, White House Hopeful Suggests
Vivek Ramaswamy also slammed the U.S. Federal Reserve for its behavior in the past couple of decades, calling the central bank “a bad actor” for “trying to hit two targets with one arrow, inflation and unemployment, which has proven to be a disastrous 25-year experiment.”
“I think what the Federal Reserve needs to do is go back to focusing on what it did focus on, even after it went off the gold standard … stabilizing the U.S. dollar as a unit of measurement. That, too, is a big impediment to GDP growth,” the presidential candidate explained.
Ramaswamy’s comments on CBDCs come after last month, another contender to become the Republican nominee for the 2024 U.S. Presidential Election, Florida Governor Ron DeSantis, vowed to “nix central bank digital currency,” if he is elected president, describing it as a “massive threat to American liberty.”
What are your thoughts on central bank digital currencies? Let us know in the comments section below.