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Vivek Ramaswamy Outlines Bold Crypto Plan to Back U.S. Dollar with Bitcoin

17 Nov 2023, 00:00

Republican presidential candidate Vivek Ramaswamy has unveiled a crypto policy framework, signaling his intention to peg the U.S. dollar to Bitcoin, and gut the SEC’s headcount.

In a groundbreaking move, Republican presidential candidate Vivek Ramaswamy has unveiled a crypto policy framework, signaling his intention to peg the U.S. dollar to bitcoin within a basket of commodities.

Praising Bitcoin as a critical alternative to the U.S. dollar, Ramaswamy aims to embrace the digital asset if elected, with the goal of holding the Federal Reserve system accountable.

Speaking with TheStreetCrypto’s Natalie Brunell, Ramaswamy highlighted the importance of Bitcoin in preventing manipulation of the U.S. dollar. “I think the existence of Bitcoin holds the dollar’s feet to the fire to make sure that it can’t be manipulated in a way that people don’t just opt out and go the other direction,” he explained. The presidential candidate sees Bitcoin as a mechanism to keep the nation financially vigilant.

Ramaswamy officially introduced his crypto policy framework on November 16 at the North American Blockchain Summit in Fort Worth, Texas.

The Three Freedoms of Crypto

The proposal, titled “The Three Freedoms of Crypto,” outlines plans to rescind most federal cryptocurrency regulations and significantly reduce the workforce at the Securities and Exchange Commission (SEC) if he secures the presidency.

As part of the framework, Ramaswamy advocates for a 75% reduction in the federal workforce, including the SEC, emphasizing the deregulation of financial and investment rules as a top priority. This move would not only impact roles overseeing crypto but also limit the agency’s ability to regulate financial markets more broadly.

Among the key points in “The Three Freedoms of Crypto” is the stance that developers of smart contract code should not be held liable for the actions of users. Ramaswamy aims to direct government prosecutors to focus on bad actors, not the code or its developers.

In his speech, he specifically addressed sanctions against crypto mixer Tornado Cash, arguing that going after code developers violates the First Amendment.

Furthermore, the framework promises regulatory clarity, providing new cryptocurrencies with “safe harbor” exemptions from securities laws for a specific period after launch. Ramaswamy also pledges to prevent federal agencies from creating rules limiting the use of self-hosted wallets.

Tornado Cash and similar crypto mixers, which allow users to deposit and receive crypto while obscuring transaction identities, have faced scrutiny. In August 2022, Tornado Cash was sanctioned by the U.S. Government for alleged money laundering facilitation. Ramaswamy aligns with critics who argue that such sanctions violate freedom of speech, emphasizing that code is a form of speech protected by the First Amendment.

Despite these bold proposals, recent polls indicate that Ramaswamy is currently in third or fourth place in the latest Republican Presidential Primary polls for New Hampshire. However, he continues to garner attention and support, accepting Bitcoin campaign donations since his announcement on May 21.



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