Former 2024 U.S. Republican Presidential candidate Vivek Ramaswamy has stressed the need for clear crypto regulations. He said the current crypto regulatory approach is 'anti-American at its core.' Speaking with Yahoo Finance on Wednesday, Ramaswamy argued that the lack of clarity in crypto regulation stifles innovation and the U.S.' possibility of becoming a global crypto hub.

Regulation by Enforcement

Ramaswamy criticized the current approach of 'regulation by enforcement,' which he believes has created an unfair environment for firms.

'That's not how this country is supposed to work,' he told the publication. He emphasized that greater clarity is needed, whether it's crypto or financial services. 'Ambiguity is the friend of the tyrant,' he added.

Further, Ramaswamy revealed that if elected in November, former U.S. President Donald Trump would be 'a friend' to crypto.

He made these remarks during an appearance on the Market Domination Overtime show. Ramaswamy also criticized the Federal Reserve's dual mandate on unemployment and inflation, suggesting that it often yields unsustainable results.

Deregulation of the Cryptocurrency Industry

Last year, the Presidential nominee, who later dropped out, called for mass deregulation of the cryptocurrency industry.

He was the first Republican candidate to release a crypto plan. The biotech entrepreneur's crypto plan called for a 75% reduction of the federal workforce, including the SEC. He stated that deregulation of financial and investment rules would be a priority.

However, this plan would affect not only the roles overseeing crypto regulation but also the SEC's broader ability to regulate financial markets.

Ramaswamy slammed the securities regulator, stating that the 'shadow government' has tried to squash the rise of crypto since its inception. 'That ends on my watch,' he declared.

Kamala Harris and Crypto

Last month, Ramaswamy predicted that current Vice President and 2024 Presidential hopeful Kamala Harris might adopt crypto-friendly 'verbiage.' 'It's just a matter of competing for votes that she's going to adopt a thoughtful position,'

Ramaswamy told CNBC. He further mentioned that the country would benefit from her offering a thoughtful digital asset framework or policy.