In the political landscape, the world of cryptocurrencies is making its mark. A notable instance of this was when Vivek Ramaswamy, a Republican U.S. Presidential candidate, revealed a unique crypto policy platform at the North American Blockchain Summit (NABS) in Fort Worth, Texas, on November 16. This platform, titled “The Three Freedoms of Crypto,” suggests that developers of smart contract code should not bear responsibility for how individuals utilize their code.
Unveiling the Three Freedoms of Crypto
Ramaswamy’s policy framework aims to shift the focus of prosecution from code developers to the individuals who misuse the code for illegal activities. In his own words, he plans to “direct government prosecutors to prosecute bad actors, not the code they use and not the developers who write that code,” if he is elected as President.
During his speech at the NABS, Ramaswamy took a stand against sanctions imposed on crypto mixer Tornado Cash. He argued against the notion of holding developers accountable for the misuse of their code, stating, “the case brought against the Tornado Cash folks, for example … you can’t go after the developers of code.”
Regulatory Clarity and Safe Harbor Exemptions
Another key point in Ramaswamy’s crypto policy platform is the promise of providing regulatory clarity for new cryptocurrencies. He proposes offering them “safe harbor” exemptions from securities laws for a certain period post-launch. Furthermore, he aims to prevent federal agencies from creating rules that limit the use of self-hosted wallets.
Services like Tornado Cash and other crypto mixers allow users to deposit crypto and send it to a different address than the one they deposit with. The crypto is mixed with other users’ crypto, effectively hiding the identity of the recipient. However, Tornado Cash faced sanctions from the US Government in August 2022, on accusations of facilitating money laundering.
Freedom of Speech and Crypto Code
Ramaswamy, along with several critics, views the sanctions against Tornado Cash as an infringement of freedom of speech. They argue that the sanctions target the code itself, rather than individuals or groups operating an illegal enterprise. Ramaswamy strongly believes that “code is a form of speech and is protected by the First Amendment.”
According to recent Republican Presidential Primary polls for New Hampshire, Ramaswamy is currently ranked third or fourth, trailing behind Donald Trump, Nikki Haley, and possibly Ron DeSantis. His share of the Republican vote ranges between 0% and 8%, as per the polls conducted on November 16.
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