A leading candidate for the US Presidency is on the brink of unveiling a “comprehensive crypto policy framework.” Republican Party presidential hopeful Vivek Ramaswamy made this announcement during a recent crypto event, stating that the framework would be released by Thanksgiving (November 23rd).
During a “fireside chat” at the event with Messari CEO Ryan Selkis, Ramaswamy expressed his strong criticism of what he termed “three-letter” agencies, specifically targeting the Securities and Exchange Commission (SEC), which he described as an unconstitutional fourth branch of government.
Notably, Ramaswamy celebrated a recent ruling in favor of crypto asset manager Grayscale, which was seen as a positive development for the crypto industry. The ruling asserted that the SEC had no grounds to reject Grayscale’s spot Bitcoin ETF application.
Ramaswamy’s embrace of crypto aligns with a broader trend of US lawmakers focusing on the rapidly expanding crypto sector. In the summer of 2022, bipartisan Senators Cynthia Lummis and Kirsten Gillibrand introduced comprehensive legislation aimed at regulating the entire crypto sector in the US. However, progress on this legislation has been limited.
Conversely, a narrower bill pertaining to the regulation of US dollar-pegged stablecoins has gained more traction. A key House committee advanced this stablecoin bill earlier in the summer, setting the stage for a potential vote on the House floor.
Although Ramaswamy’s chances of becoming president are slim, given that he ranks second in the GOP polls behind former President Donald Trump, the growing interest in crypto across Congress and the US political landscape suggests that crypto-related legislation is on the horizon.
Leaders in the US crypto industry have been vocal about the urgent need for legal clarity, particularly in light of the SEC’s crackdown on major US crypto firms in 2023. The SEC has broadly accused these firms of listing or offering unregistered securities to their customers.
Another GOP presidential hopeful, Ron DeSantis, has also positioned himself as a strong advocate for Bitcoin since announcing his bid for GOP leadership.
By FCCT Editorial Team
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