‘Anti-American’ Crypto Crackdown: Former Presidential Candidate Slams US Regulators

Former Republican Presidential Candidate Vivek Ramaswamy recently criticized the US regulators for the crackdown on the crypto sector. The industry-friendly politician shared his thoughts on the unclear regulation of digital assets during the Biden-Harris administration, the state of the US economy, and Republican candidate Donald Trump’s financial approach.

Ex-Presidential Candidate Slams US Regulators’ Crypto Stance

Vivek Ramaswamy recently joined Yahoo Finance’s Market Domination Overtime to discuss the US economy, digital assets’ regulations, and the upcoming elections. During the interview, the pro-crypto former presidential candidate criticized the US Federal Reserve’s “unsustainable” effort to hit unemployment and inflation “with one arrow” as it often “badly” misses both targets.

To the republican politician, market actors’ focus on the Fed is not based on the institution’s “special knowledge,” but rather on the curiosity to see that they “screw up next.”

Similarly, the former hedge fund manager slammed the US’s regulatory stance. Ramaswamy considers the US “regulation by enforcement” approach a problem for the country’s technological development, emphasizing the need for clear policies.

He explained that industry players discover the real rules once regulators like the Securities and Exchange Commission (SEC) enforce them based on the alleged violations. To Ramaswamy, this is “anti-American at its core” and has created an unfair and hostile environment for crypto firms.

Ramaswamy asserted that US investors and companies deserve clarity since that’s “the American way” the country was founded on:

That’s not how this country is supposed to work. Whether it’s crypto or financial services more broadly, we deserve greater clarity rather than ambiguity. Ambiguity is the friend of the tyrant.

Donald Trump, The Industry’s “Friend”?

The former presidential candidate also declared that former US president Donald J. Trump would be a “friend” to the crypto industry. He suggested that Trump’s reelection would be a positive development for the country’s regulatory stance.

I know he would be a friend. I’ve had many conversations with him about this (…) He’s been very public about it.

As reported by Bitcoinist, Ramaswamy influenced Trump’s position against a Central Bank Digital Currency (CBDC) in the US and the crypto industry earlier this year. The entrepreneur has repeatedly praised the Republican Candidate’s “open mind” and willingness to learn about the emerging sector.

To Yahoo Finance, Ramaswamy emphasized that Trump is someone “who favors financial freedom” like him, adding that the former president has evolved his view on digital assets and the necessary regulatory clarity that the crypto sector lacks:

Donald Trump is someone who favors financial freedom. I know that’s important to him, as it is important to me (…) He’s developed his views on financial freedom; on the ability to self-custody your own assets; on what some leadership changes look like in the regulatory state;(…) and the importance of regulatory clarity.

The ex-candidate referred to Trump’s speech at the Bitcoin 2024 Conference as evidence of his friendly approach to the industry. During his appearance as a keynote speaker, the former president pledged to end the Biden-Harris administration’s “anti-crypto crusade.” The Republican candidate also promised to fire SEC’s chair Gary Gensler if reelected president.

Conversely, Ramaswamy said that the Biden-Harris administration’s decisions were “undoubtedly responsible” for the struggle of the average American with inflation. He also expressed concern about Vice President Kamala Harris’ proposed capital gains tax policies.

Ultimately, the entrepreneur considers that “in the name of addressing that problem, we’re going to get even worse solutions that actually leave those everyday Americans worse off.”