What Are the Three Freedoms of Crypto?
During the North American Blockchain Summit held in Fort Worth, Texas, Vivek Ramaswamy laid out his vision for cryptocurrency governance, emphasizing a framework dubbed “The Three Freedoms of Crypto.” This initiative aims to shift the blame off smart contract developers for any misdeeds that occur from the use of their code. Rather refreshing for a space often under scrutiny!
Smart Contracts: The Unsung Heroes
Ramaswamy’s proposal insists that developers shouldn’t be held liable for the actions of the code users. One might think this is a no-brainer, but in the world of crypto, it’s as revolutionary as finding out your dog does, in fact, speak at home when you leave the room. As Ramaswamy put it, if he’s elected, prosecutors will focus on the bad actors, not the code or the minds behind it.
No More Punishing the Code
Historically, there’s been friction between governments and technologies that facilitate anonymity and financial freedom. A case in point is the sanctions against Tornado Cash, a popular crypto mixer. Ramaswamy likened this action to punishing an artist for the audience’s interpretation of their work. In his eyes, every line of code is akin to artistic expression, warranting protection under the First Amendment. Cryptographers, rejoice!
The First Amendment vs. Crypto Regulation
In a bold categorization, he states: “Code is a form of speech and protected by the First Amendment.” He contests that instead of going after developers, authorities should focus on individual users who may be violating existing laws. Talk about prioritizing the individuals who are really responsible!
Safe Harbor for New Cryptos
Part of Ramaswamy’s vision includes creating a period of safe harbor for newly launched cryptocurrencies so they won’t immediately be crushed under the weight of securities regulations. Think of it as giving your awkward cousin a little extra time at family gatherings to warm up before having to face Uncle Larry’s hard questions about life choices!
A Regulatory Twilight Zone?
Ramaswamy also promised to prevent federal agencies from dishing out regulations that could limit the use of self-hosted wallets. It’s a protective measure, ensuring that innovators and everyday puzzle solvers can continue navigating the exciting and complex world of crypto without too much red tape.
The Stakes of Crypto Politicking
Despite the ambitious announcements, Ramaswamy’s standing in the Republican primaries remains, let’s say, low-key. Latest polls show him trailing behind the more established figures like Donald Trump and Nikki Haley, with support fluctuating from 0% to 8%. So, while Ramaswamy is talking the talk, can he walk the walk and convince voters that he’s the candidate who will truly support innovation in the crypto space?
Bitcoin in Political Campaigning
Interestingly, since announcing in May 2021 that he’d accept Bitcoin (BTC) for campaign contributions, Ramaswamy has positioned himself as the tech-savvy alternative in a largely traditional political arena. Will this be the differentiator that helps him charm voters, or will they prefer their candidates less cryptic and more grounded?
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