During the North American Blockchain Summit (NABS) held in Fort Worth, Texas, on November 16, Vivek Ramaswamy, a Republican contender for the US presidency, introduced a cryptocurrency policy framework named the "Three Freedoms of Cryptocurrency." This framework underscores the stance that developers responsible for smart contract code should not bear responsibility for the actions of individuals using that code.
Ramaswamy's policy blueprint specifies a commitment that, if elected president, he would direct government prosecutors to pursue those who engage in wrongdoing, explicitly excluding the code creators or the code itself from legal action. He particularly advocated for sanctions against cryptocurrency mixer Tornado Cash but emphasized that legal measures should not target the developers of such code.
Moreover, the proposed framework pledges to bring about regulatory clarity within the cryptocurrency realm. It aims to exempt newly launched cryptocurrencies from "safe harbor" protections under securities laws for a specified period post-launch and restricts federal agencies from imposing regulations that limit the usage of self-hosted wallets.
Cryptocurrency mixers like Tornado Cash enable users to deposit and transfer digital currencies to different addresses, effectively obscuring the identity of recipients by merging their funds with those of other users. Tornado Cash faced US government sanctions in August 2022 over allegations of facilitating money laundering. Critics contend that targeting such code violates freedom of speech, as it focuses on the code itself rather than the operators or individuals involved.
Ramaswamy echoed the concerns voiced by critics, asserting that sanctions against mixers infringe upon the First Amendment of the US Constitution, highlighting code as a form of speech deserving constitutional protection. Despite Ramaswamy's cryptocurrency policy framework and support for code developers, recent polling conducted in New Hampshire places him in the third or fourth position among Republican presidential primary candidates. He trails behind figures like Donald Trump, Nikki Haley, and potentially Ron DeSantis, garnering varying support from 0 to 8 percent in a November 16 poll. Additionally, he declared his acceptance of Bitcoin for campaign contributions on May 21.
