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U.S. Presidential Candidate Pushes “Crypto Bill of Rights” Proposal, Gains Support from Cardano Founder

U.S. Presidential Candidate Pushes “Crypto Bill of Rights” Proposal, Gains Support from Cardano Founder

Cardano founder Charles Hoskinson has signaled his approval of the “Crypto Bill of Rights” proposed by Vivek Ramaswamy, a former Republican presidential candidate in the forthcoming U.S. Presidential election. A crypto lawyer posting as MetaLawMan on X (formerly Twitter), shared a summary of Ramaswamy’s position on crypto.

That’s clear and awesome

— Charles Hoskinson (@IOHK_Charles) January 14, 2024

According to MetaLawMan, Ramaswamy proposed for regulators to only enforce crypto policies explicitly adopted by Congress. He had also added that most crypto assets should be classified as commodities.

As contained in the former presidential candidate’s proposal regarding cryptocurrencies, MetaLawMan highlighted that Ramaswamy believes everyone has the right to hold digital assets in self-custody wallets and beyond the reach of regulators. He also believes that the government’s classification of any crypto token should be public knowledge, which everyone has the right to know in advance.

Furthermore, Ramaswamy believes the Federal Reserve should be obligated to give stablecoin issuers access to Fed financial facilities, as is the case with banks. He also showed concern over the treatment of Tornado Cash, arguing that software developers shouldn’t be subject to criminal or civil liability just for writing code.

According to reports, Ramaswamy threatened to relieve most U.S. Securities and Exchange Commission (SEC) staff of their duties if he was elected president. He had pledged that those remaining in the agency’s payroll would back off the crypto industry.

The former Republican presidential candidate believes most cryptocurrencies are commodities and none of the SEC’s business. Hence, his proposed plan to disarm the regulator, which many community members believe is an obstacle to the crypto industry’s development.

Ramaswany suspended his campaign following a fourth-place finish in the Republican party’s primaries in Iowa early Tuesday morning. In his concession speech, the former biotech executive acknowledged that he and his team did not achieve the surprise they wanted to deliver. He proclaimed his support for Donald Trump, the emerged Republican flag-bearer, asking his supporters to do the same.

Ramaswany was reportedly the only presidential candidate with a clear plan for the crypto industry. He promised to appear with Donald Trump at a rally in New Hampshire to lay out what he sees for the future of the United States.

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