Ramaswamy Calls for Gutting SEC, Deregulating Crypto

Ramaswamy trails former President Donald Trump, former United Nations Ambassador Nikki Haley and Florida Governor Ron DeSantis in polls. His campaign has been marked by parroting of Trump stances, public praise of the ex-president and his willingness to quarrel with the rest of the roster aside from Trump. That has fueled speculation that he could be a possible running mate on a Trump ticket or a nominee for a cabinet-level position in a new Trump administration.

Ramaswamy, the founder of a biotech company, says he would prohibit federal agencies from creating restrictions on crypto wallets held by individuals and clarify that the Bank Secrecy Act does not govern blockchain infrastructure providers.

The plan also calls for reining in the SEC and Commodity Futures Trading Commission, which he says have made “themselves the key gatekeeper for innovation, and deployed ambiguity and politicized hostility” toward crypto.

The SEC has about 4,500 employees, the CFTC, about 700.

Ramaswamy has said he opposes central bank-developed digital currency, which DeSantis also does not support. Ramaswamy’s proposal also ensures crypto code developers are protected by the First Amendment, and will not be prosecuted for their code.