Cryptocurrency regulations ‘need to catch up’: Ramaswamy

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(NewsNation) - Businessman Vivek Ramaswamy has released a cryptocurrency plan that he claims will “guarantee economic freedom for Americans,” promising to “fix” the framework in the US.

In the room Republican presidential debateHe promised to use the executive power of being president to address bureaucracy within the cryptocurrency industry, which he said is "not working."

“I think this is just another example of the administrative state going too far. Here's the dirty little secret of American politics today. The people we elect to run the government are not the ones who actually run it. It is the bureaucrats in those three-letter agencies who write regulations that Congress never gave them the authority to write,” Ramaswamy said.

In response to whether his cryptocurrency plan will also guarantee Economic freedom for terrorists like Hamas, said the former biotechnology entrepreneur: “Scammers, criminals and terrorists have been defrauding people for a long time. Our regulations must catch up with the current moment.”

Last month, Ramaswamy released a plan for cryptocurrencies that calls for the repeal of Securities and Exchange Commission regulations and a path for digital tokens to be considered commodities.

“By the end of the first year, we will have a 75% reduction in the number of federal bureaucrats. We will close government agencies that should not exist,” Ramaswamy said in the debate.

On Monday, cryptocurrency skyrocketed surpassed $41,000 for the first time in more than 18 months, marking a 150% increase so far this year.

Industry advocates say this new way of investing in bitcoin at spot, rather than futures, prices could make it easier for anyone to enter the cryptoverse while reducing some of the well-documented risks associated with investing in cryptocurrencies.

The Associated Press contributed to this report.

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