Why Presidential Candidate Vivek Ramaswamy Is So Pro-Crypto - Ep. 576
Dec 1, 2023
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Vivek Ramaswamy, a 2024 U.S. Presidential Candidate, champions crypto as a means to challenge the 'administrative state' inhibiting innovation. He discusses a radical plan to reduce federal regulations, emphasizing that 'code is law' should protect financial self-reliance. Ramaswamy critiques the U.S. government's repressive stance on crypto and proposes stabilizing the dollar by pegging it to commodities like Bitcoin. He passionately argues against central bank digital currencies and envisions blockchain's transformative potential across various industries.
Vivek Ramaswamy supports crypto due to dissatisfaction with the administrative state and aims to protect the freedom to code, financial self-reliance, and innovation free from regulatory overreach.
Ramaswamy opposes central bank digital currencies, emphasizing concerns about privacy and government control, while proposing stabilizing the US dollar by pegging it to a basket of commodities that may include Bitcoin.
Ramaswamy seeks to dismantle the unconstitutional administrative state, advocating for downsizing federal agencies and appointing a Federal Reserve chairman aligned with his vision of a more focused and accountable executive branch.
Deep dives
Vivek Ramaswamy's Vision for Crypto and Administrative State
Vivek Ramaswamy, a US presidential candidate, discusses his policy for digital assets and his passion for crypto, which stems from his opposition to administrative overreach. He believes in the freedom to code and views code as a form of speech, emphasizing that developers should keep their promises and avoid fraudulent behavior. Ramaswamy also advocates for the freedom of financial self-reliance, supporting self-hosted digital wallets while cracking down on bad actors. He argues against the use of a central bank digital currency, citing concerns about privacy and government control. Additionally, Ramaswamy proposes stabilizing the US dollar by pegging it to a basket of commodities and potentially including cryptocurrencies like Bitcoin. He believes that blockchain technology can decentralize innovation in various sectors, with drug discovery being one area of potential application. He acknowledges the geopolitical implications of China's digital yuan but opposes adopting a similar approach for the US.
Leveraging Crypto to Combat Bad Actors and Preserve the Dollar
Ramaswamy emphasizes the importance of targeting bad actors rather than limiting cryptocurrency and blockchain technology. He rejects the idea of banning self-hosted wallets, arguing that going after the root cause of illicit activities is more effective. While acknowledging that cryptocurrencies have been used by bad actors, Ramaswamy believes that existing laws should be enforced against those who engage in criminal activities, regardless of the mode of transmission. He opposes a central bank digital currency and warns against using it as a means of control and surveillance. Ramaswamy aims to stabilize the US dollar by tying it to a basket of commodities, potentially including Bitcoin in the future. He believes in the value of decentralized innovation and highlights the need to preserve the privacy and rights of individuals in the digital age.
Vivek Ramaswamy's Presidential Agenda and Call for Support
Ramaswamy discusses his broader agenda as a US presidential candidate and his goal of dismantling what he considers an unconstitutional administrative state. He criticizes the expansion of the administrative agencies and advocates for downsizing and reevaluating their regulations. Ramaswamy intends to appoint a new chairman of the Federal Reserve who aligns with his vision of a more focused and accountable executive branch. He opposes the idea of a central bank digital currency and aims to stabilize the US dollar's value. Ramaswamy believes that embracing blockchain technology and decentralization can drive innovation in various sectors, but acknowledges that the immediate focus is on stabilizing the dollar and addressing the challenges posed by bad actors. He calls for support from individuals who believe in his vision and emphasizes the need for a new generation of leaders to tackle the future of cryptocurrency and other advancements.
Regulatory Overreach and Financial Privacy
The podcast discusses the importance of financial privacy and criticizes the excessive regulatory power that impedes on individuals' freedom to transact. The speaker emphasizes the need to protect personal rights and privacy, arguing that justifying restrictions on financial transactions with national security concerns is a misguided approach. They propose that law enforcement professionals should focus on targeting bad actors rather than restricting the entire population's financial transactions. The speaker advocates for clear rules and enforcement within the boundaries of the Constitution to achieve regulatory objectives.
Constitutional Principles and Regulatory Clarity
The podcast explores the issue of regulatory clarity in the cryptocurrency industry. The speaker refers to the West Virginia versus EPA case and suggests that current regulations classifying cryptocurrencies as securities or commodities may be unconstitutional. They criticize the lack of clear rules in determining the status of digital assets and highlight the ambiguity surrounding the classification of Ethereum. The speaker calls for greater clarity and consistency in regulation, proposing a possible role for the president in appointing agency heads who can provide constitutional perspectives and ensure adherence to established principles.
Vivek Ramaswamy is likely the biggest supporter of crypto among the current crop of presidential candidates. But his enthusiasm comes not from an inherent love of the technology or its principles themselves, but a dissatisfaction with what he calls the “administrative state” that’s stifled innovation in a number of important industries, crypto among them.
On this episode of Unchained, Ramaswamy discusses his radical plan to slash the number of people working at federal agencies; his three-point crypto policy plan based on the freedom to code as a protected form of expression, the freedom of financial self-reliance, and the freedom to innovate free from regulatory overreach; why the current orientation of the U.S. government towards regulation of the crypto industry by enforcement isn’t helping anyone; his plans to stabilize the U.S. dollar by pegging it to a basket of commodities that could eventually include Bitcoin; why he’s so opposed to central bank digital currencies; and what industries he thinks could benefit from the use of blockchain technology.
