Republican United States Presidential candidate Vivek Ramaswamy unveiled a crypto policy framework on Nov. 16 at the North American Blockchain Summit (NABS) in Fort Worth, Texas.
Called “The Three Freedoms of Crypto,” the framework states that developers of smart contract code should not be held liable for the actions of people who use the code.
In the document, Ramaswamy vows to “direct government prosecutors to prosecute bad actors, not the code they use and not the developers who write that code,” if elected president. In an accompanying speech, Ramaswamy specifically targeted sanctions against crypto mixer Tornado Cash, stating, “The case brought against the Tornado Cash folks, for example. […] You can’t go after the developers of code.”
In the document, Ramaswamy also promises to provide regulatory clarity that gives new cryptocurrencies “safe harbor” exemptions from securities laws for a period of time after they are launched and to prevent any federal agency from creating rules that limit the use of self-hosted wallets.
Tornado Cash and other crypto mixers allow users to deposit crypto and have it sent to a different address than the one they deposit with. But in the process, it is mixed with other users’ crypto. This effectively obscures the identity of the person receiving the funds.
In August 2022, Tornado Cash was sanctioned by the U.S. government on the grounds that it was being used to facilitate money laundering. Critics of this decision have long argued that sanctioning Tornado Cash was a violation of freedom of speech, as it applied to the code itself rather than a person or group of persons operating an enterprise.
In his speech, Ramaswamy agreed with the critics, claiming that sanctions against mixers violate the First Amendment to the U.S. Constitution, stating:
“I believe that code is a form of speech and is protected by the First Amendment. So, when you take an example, like the case brought against the Tornado Cash folks, for example, put aside the specifics of whether what was done is right or wrong. You can’t go after the developers of code. What you actually need to implement is going after individual bad actors that are breaking the laws that already exist on the books.”
According to RealClearPolitics, the latest Republican presidential primary polls for New Hampshire show Ramaswamy in third or fourth place, behind Donald Trump, Nikki Haley and possibly Ron DeSantis, depending on which poll is consulted. He is currently getting between 0% and 8% of the Republican vote, according to these Nov. 16 polls. Ramaswamy announced on May 21 that he would accept Bitcoin (BTC) campaign donations.
Ms Sultana also said she was “resigning” from the Labour Party after 14 years.
She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.
Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.
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However, Ms Sultana was still a member of the Labour Party – until now.
Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.
The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.
Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.
In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.
Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.
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Protesters block Israeli arms manufacturer in Bristol
On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.
She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.
Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.
She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.
Image: Ms Sultana called Nigel Farage a ‘billionaire-backed grifter’. Pic: PA
The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.
“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.
“We are not going to take this anymore.”
A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.
“Only Labour can deliver the change needed to renew Britain.”