Vivek Ramaswamy criticized hybrid sanctions and announced the crypto policy forum
Republican US presidential candidate Vivek Ramaswamy They unveiled the crypto policy framework at the North American Blockchain Summit (NABS) on November 16 in Fort Worth, Texas.
Called “The Three Freedoms of Crypto,” the framework states that developers of smart contract code should not be held accountable for the actions of those who use the code.
In the document, Ramaswamy, if elected president, “pledged to direct state prosecutors to prosecute bad actors, but not the code they use and the developers who write that code.” In an accompanying speech, Ramaswamy specifically targeted sanctions against crypto mixer Tornado Cash, saying, “The charges against the people at Tornado Cash, for example…you can't go after the coders.”
In the document, Ramaswamy also promised to provide regulatory clarity that would provide a “safe harbor” that exempts new cryptocurrencies from security laws for a period of time after they are launched, and to prevent any federal agency from creating rules that restrict the use of self-hosted wallets.
Live @X – Unveiling my Three Crypto Freedoms Policy from the North American Blockchain Summit Forum. @txblockchain_ https://t.co/0szwPNAfuj
— Vivek Ramaswamy (@VivekGramaswamy) November 16, 2023
Tornado Cash and other crypto mixers allow users to deposit and send crypto to an address different from their deposit address. But in the process, it gets mixed with other users' crypto. This effectively hides the identity of the person receiving the money.
In the year In August 2022, Tornado Cash was sanctioned by the US government for allegedly being used to facilitate money laundering. Critics of the decision have argued that Tornado Cash's sanctions violate free speech because the statute applies to a person or organization rather than the person who runs it.
In his speech, Ramasway agreed with his critics, arguing that sanctions against activists violate the First Amendment:
“I believe that code is a form of speech and is protected by the First Amendment. So when you take an example, like the lawsuit against the Tornado Cash people, put aside whether or not what was done was right. You can't go after the coders. What you need to do right is on the books.” It's about going after individual bad actors who break existing rules.
Related: Vivek Ramaswamy: Winning Grayscale ‘Clears the Way' for Bitcoin Innovation
According to RealClearPolitics, the latest Republican presidential primary polls for New Hampshire show Ramaswamy in third and fourth place behind Donald Trump, Nikki Haley, and possibly Ron DeSantis. He is currently getting between 0% and 8% of the Republican vote according to the November 16 polls. Ramaswamy announced on May 21 that the Bitcoin campaign will accept donations.
