Is the Republican Presidential Candidate’s Proposal of a ‘Crypto Bill of Rights’ a Game Changer for US Crypto Regulation?
Republican Presidential Candidate Proposes ‘Crypto Bill of Rights’: A Game Changer for US Crypto Regulation?
Vivek Ramaswamy, a Republican presidential candidate, has raised eyebrows and won support with his proposed “Crypto Bill of Rights.” In a move that could revolutionize the way cryptocurrencies are regulated in the United States, Ramaswamy has outlined a clear framework for the rights of individuals to hold and use digital assets. A highlight of this proposal is the commitment that regulators will only enforce crypto policies that have been explicitly adopted by Congress. Furthermore, Ramaswamy believes the majority of crypto assets should be classified as commodities.
Endorsement from Crypto Cornerstone
The significance of Ramaswamy’s proposal has been underscored by an endorsement from Charles Hoskinson, the founder of Cardano. As a significant figure in the cryptocurrency industry, Hoskinson’s backing lends substantial weight to the initiative. His support brings a spotlight to Ramaswamy’s proposal within the crypto community, emphasizing the potential impact it could have on the future of cryptocurrency regulation in the US.
Stiff Competition in the Presidential Race
The proposed “Crypto Bill of Rights” comes amid a heated competition for the 2024 Republican presidential nomination. Despite the record cold temperatures in Iowa, all contenders have urged their supporters to brave the weather and register their votes. Donald Trump, who has enjoyed a wide lead in the polls, is speculated to be a potential ally for the crypto industry. Despite his previous criticism of cryptocurrencies, Trump’s recent engagement with NFTs and crypto holdings suggests a potential change in his perspective. However, experts urge caution in predicting a significant shift in the regulatory climate for the crypto industry under a potential Trump administration.
Revolutionizing Crypto Regulation
But it is Ramaswamy who has seized the initiative with his proposed “Crypto Bill of Rights.” In addition to the commitment to enforce only Congress-approved crypto policies, his proposal includes allowing the public to hold digital assets in self-custody wallets and mandating the Federal Reserve to give stablecoin issuers access to Fed financial facilities. In a bold move, he plans to relieve most U.S. Securities and Exchange Commission (SEC) staff of their duties if he is elected president. These proposed changes could bring a seismic shift to the future of cryptocurrency regulation in the United States, providing a more clear and supportive landscape for the burgeoning crypto industry.
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