In a bid to shed light on the uncertain terrain of cryptocurrency regulation, Republican presidential candidate Vivek Ramaswamy has taken center stage, calling for clarity in the Securities and Exchange Commission’s (SEC) approach. Speaking at the Messari Mainnet conference, Ramaswamy highlighted the detrimental effects of regulatory ambiguity and its potential to empower federal agencies over the cryptocurrency community.

Ramaswamy, who previously served as the CEO of Roivant Sciences, directed his critique towards the SEC’s handling of cryptocurrency matters, with particular scrutiny placed on Chairman Gary Gensler’s leadership. He raised a crucial question that has been looming over the cryptocurrency world: whether Ethereum, the world’s second-largest cryptocurrency, should be classified as a security or not. Ramaswamy argued that the lack of a clear answer allowed federal agencies to maintain an advantageous position, leaving the regulated community in a state of uncertainty. He emphatically stated, “Ambiguity is the friend of the tyrant. The good news is this is something that a US president can fix.”

Not stopping at mere critique, Ramaswamy pledged to take concrete action if elected president. He expressed his intention to reduce the federal regulatory workforce by two-thirds, viewing federal employees as an unelected fourth branch of the government. Ramaswamy’s aim is to streamline the regulatory landscape and bring greater transparency to the cryptocurrency industry.

During his address, Ramaswamy also delved into the “Keep Your Coins Act,” a proposed bill designed to safeguard individuals’ rights to self-custody their cryptocurrency. He likened this legislation to the third-party doctrine, which posits that individuals surrender certain privacy rights when sharing information with third parties. Ramaswamy’s support for the “Keep Your Coins Act” underscores his commitment to preserving individual liberties within the cryptocurrency ecosystem.

In another significant development, Ramaswamy applauded a recent federal court decision that allowed Grayscale Investments to challenge an SEC order, ultimately leading to the reversal of a listing block. He hailed this decision as a pivotal victory for Bitcoin and blockchain innovation within the United States, emphasizing the importance of a supportive regulatory environment.

Ramaswamy’s campaign has announced its plans to release a comprehensive crypto policy framework, expected as early as November. Despite polling at 7% among GOP hopefuls, he has garnered significant attention and endorsements, including one from former President Donald Trump. Ramaswamy has also expressed his interest in involving Tesla chief Elon Musk as an advisor should he emerge victorious in the 2024 US Election.

The cryptocurrency community and blockchain enthusiasts have found resonance in Ramaswamy’s optimism regarding crypto regulation and his determination to overhaul the federal regulatory workforce. With the cryptocurrency landscape evolving rapidly, his stance has the potential to shape the industry’s future in the United States.

In a time when digital currencies are gaining prominence and becoming integral to the global financial system, clarity in regulation is essential. Vivek Ramaswamy’s push for transparency and his commitment to reducing regulatory complexities align with the aspirations of many in the blockchain community. As the race for the Republican nomination unfolds, Ramaswamy’s stance on cryptocurrency regulation remains a focal point of his campaign.