WEBVTT - Vivek Ramaswamy Talks Trump Tech and Crypto Policies

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<v Speaker 1>Today we're joined by Vivett Ramaswami, a supporter of Donald Trump,

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<v Speaker 1>a former Republican presidential candidate himself, someone that's been active

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<v Speaker 1>not just on social media but on the ground. And

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<v Speaker 1>welcome to the program, mister Ramaswami. A simple question to start,

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<v Speaker 1>why is former President Trump the best candidate for the

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<v Speaker 1>technology industry and the bench capital industry that supports it.

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<v Speaker 2>Here, Look, I'll give you a simple answer to a

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<v Speaker 2>straight question you asked, which is that he is the

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<v Speaker 2>president in favor of mass deregulation and mass reform of

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<v Speaker 2>the administrative state. I think the administrative state and the

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<v Speaker 2>regulatory state is the single greatest impediment to innovation, to

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<v Speaker 2>new business formation, to business growth in this country. The

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<v Speaker 2>actions of the three letter agencies, who are never elected,

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<v Speaker 2>by the way, from the EPA to the FTC, to

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<v Speaker 2>the SEC to the FDA, you go straight down the list,

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<v Speaker 2>those three letter agencies are making most rules that govern

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<v Speaker 2>businesses in this country today. Those rules were never passed

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<v Speaker 2>by Congress by democratic elected representatives. The current Supreme Court,

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<v Speaker 2>which Donald Trump actually gave us much of the composition

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<v Speaker 2>of that court, has declared.

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<v Speaker 3>Many of those regulations unconstitutional.

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<v Speaker 2>And Donald Trump has made clear that he wants to

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<v Speaker 2>go in and not just incrementally tinker around the edges

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<v Speaker 2>of that bureaucracy, but really to shake it down to

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<v Speaker 2>its small core.

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<v Speaker 3>That it should have been in the first place.

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<v Speaker 2>And so I think that's the case I would make

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<v Speaker 2>to technology investors, to entrepreneurs that Donald Trump is going

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<v Speaker 2>to be the president who stands for taming in that

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<v Speaker 2>regulatory state which currently acts as a wet blanket on

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<v Speaker 2>the economy and innovation in particular.

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<v Speaker 1>VIVET could I ask as an extension of that, is

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<v Speaker 1>there a specific area, be it crypto, be electric vehicles,

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<v Speaker 1>be it space that you feel former President Trump is

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<v Speaker 1>most focused in the list of priorities.

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<v Speaker 2>Well, I think that he's more focused on an overall

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<v Speaker 2>American revival. All of those fit on the list. I

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<v Speaker 2>think energy is big on the list for Donald Trump.

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<v Speaker 2>Reviving the production of American energy, all forms of energy

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<v Speaker 2>where America can be the leader. Donald Trump favors it, drilling,

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<v Speaker 2>fracking areas where America can actually establish energy abundance. Sets

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<v Speaker 2>what Donald Trump favors, and especially in this era of

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<v Speaker 2>AI and the increasing demands for electricity, for power, for

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<v Speaker 2>energy that's particularly important for the United States to remain competitive.

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<v Speaker 3>You think about baseload.

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<v Speaker 2>Power generation for the electric grid, coal and natural gas

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<v Speaker 2>are key inputs. A lot of democratic policy has been

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<v Speaker 2>hostile to both of those, anti fracting policies, anti coal policies.

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<v Speaker 2>By contrast, Donald Trump's pro energy policies are not just

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<v Speaker 2>good for bringing down energy prices, so that's important, but

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<v Speaker 2>also for powering and fueling the future generation of AI

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<v Speaker 2>based technology revolutions that are going to require cheap and

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<v Speaker 2>abundant energy inputs. So that's one example. But I could

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<v Speaker 2>go into each of the areas you named and to be.

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<v Speaker 3>Happy to do that.

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<v Speaker 4>We had a venture capitalist, well known founder in the

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<v Speaker 4>area of AI and social We had Read Hoffman on

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<v Speaker 4>the show yesterday. Now, he of course favors the other

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<v Speaker 4>side of the equation and Harris's run for the administration,

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<v Speaker 4>wanting consistency, wanting steady hand, but also is worried about

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<v Speaker 4>forms of retribution.

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<v Speaker 5>Can you just take a listen to what he said yesterday?

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<v Speaker 6>Sure, Trump and Trump presidency won. His early presidency has

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<v Speaker 6>shown a certain amount of grifter capitalism. It's like trying

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<v Speaker 6>to penalize his opponents using the instruments of state.

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<v Speaker 4>Will that be any penalization of those who've voiced against

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<v Speaker 4>him febec No.

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<v Speaker 2>I think there's gonna be no little retribution under Donald Trump.

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<v Speaker 2>But I do find that common a little bit rich

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<v Speaker 2>coming from a Kamala Airas supporter. Where there's only one

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<v Speaker 2>president and administration in US history that is prosecuted or

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<v Speaker 2>attempt to prosecute their rival in the middle of a

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<v Speaker 2>political election, and it wasn't Donald Trump. It's the party

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<v Speaker 2>that Donald Trump is running against.

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<v Speaker 3>Joe Biden and Kamala Harris.

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<v Speaker 2>So I think this idea of a steady hand.

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<v Speaker 3>I also want to give some airtime to this.

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<v Speaker 2>The idea of Kamala Harris is going to be some

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<v Speaker 2>kind of steady hand when she has reversed her position

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<v Speaker 2>in a matter of months on central questions, whether she

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<v Speaker 2>favors bans on offshore drilling, whether she favors a ban

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<v Speaker 2>on fracking, whether she favors universal healthcare. All of these

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<v Speaker 2>are positions that she held very shortly before running for

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<v Speaker 2>US president that in a matter of months foundational.

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<v Speaker 3>Questions about energy policy.

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<v Speaker 2>To help policy that have changed in a matter of months,

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<v Speaker 2>I don't think is a strong case for a.

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<v Speaker 3>So called steady hand.

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<v Speaker 2>And one more point, investors, and particularly I know there's

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<v Speaker 2>a technology focused show, particularly to entrepreneurs who have founded

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<v Speaker 2>successful tech companies that may still be privately held. Here's

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<v Speaker 2>a big one that really matters. Kamala Harris stands by

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<v Speaker 2>her support and this is one area where she hasn't

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<v Speaker 2>changed her stance. She stands by her support for a

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<v Speaker 2>tax on unrealized capital gains. That means many entrepreneurs, technologists,

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<v Speaker 2>biotech entrepreneurs who may have paper gains in a private

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<v Speaker 2>company would actually have to pay taxes with cash they

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<v Speaker 2>don't actually have. That would stifle innovation across Silicon Valley

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<v Speaker 2>and across this country. And I think it could be

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<v Speaker 2>the single greatest tricker for stock market crash and a

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<v Speaker 2>second great depression. So, especially for a technology focused audience

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<v Speaker 2>and a market focused audience, that's a big difference between

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<v Speaker 2>Kamala Harris and Donald Trump. You could be a single

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<v Speaker 2>issue voter on that alone, I would argue.

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<v Speaker 4>I think many would feel at the moment that the

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<v Speaker 4>articulation around unrealized capital gains hasn't been made so substantively

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<v Speaker 4>by a Harris campaign. And I'm just going to go

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<v Speaker 4>back to the technology focus, and I'm glad that you

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<v Speaker 4>went there for US Vivic because there is a technology

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<v Speaker 4>focus that is chips in particular.

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<v Speaker 5>You are currently sat in Ohio.

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<v Speaker 4>Ohio is going to be a beneficiary in many ways

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<v Speaker 4>of the chip sacked, billions of dollars going to building

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<v Speaker 4>fabrication manufacturing within that state. And there is a potential

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<v Speaker 4>concern that Donald Trump is against the chip sacked. He

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<v Speaker 4>voiced out vehemently against it on a podcast recently.

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<v Speaker 5>Do you worry about.

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<v Speaker 4>That perhaps being overrun changed in direction?

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<v Speaker 3>No, I don't.

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<v Speaker 2>In fact, the reason I was against the chipsacked is

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<v Speaker 2>because there's a lot of other baggage in there that

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<v Speaker 2>shouldn't have been there, hiring impediments such as many of

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<v Speaker 2>those companies semiconductorc companies are hiring people outside of the

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<v Speaker 2>United States because of the regulatory burdens of doing so

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<v Speaker 2>right here. There's also extra baggage and changing the way

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<v Speaker 2>the National Science Foundation, the NSF makes grants on the

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<v Speaker 2>basis of race and other criteria that don't relate to merit.

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<v Speaker 2>So that's the problem with Washington, DC is every time

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<v Speaker 2>they pass one of these laws, the inflation Reduction Act

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<v Speaker 2>or the Chips Act. There's so much other baggage they

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<v Speaker 2>sneak into there that it dilutes the original vision or

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<v Speaker 2>purpose of the Act in the first place. You want

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<v Speaker 2>to foster semiconductor production in the United States, as I do.

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<v Speaker 2>Here's how we do it, mass deregulation that lifts those

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<v Speaker 2>regulatory constraints in the United States. And I will tell

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<v Speaker 2>you the reason in Video has become a multi trillion

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<v Speaker 2>dollar company is not because of the Chips Act. It's

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<v Speaker 2>because of booming demand for chips led by the advent

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<v Speaker 2>of AI and the recent revolution and the AI boom

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<v Speaker 2>that we've seen, and that lowering of the cost of

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<v Speaker 2>capital is far more valuable for semiconductor companies than the

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<v Speaker 2>incremental money in the pocket of the large that came

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<v Speaker 2>from the CHIPSAC.

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<v Speaker 3>That's my view on the matter.

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<v Speaker 1>Vivic, may I just jump in on that point on Nvidia.

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<v Speaker 1>In Video is not in isolation, but many of the

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<v Speaker 1>chip companies have had their access to the China market

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<v Speaker 1>impacted by those export controls. And simply put, China is

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<v Speaker 1>the bigg end market for consumer electronics but critically important

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<v Speaker 1>for cloud. Are you able to explain to our audience

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<v Speaker 1>President former President Trump's position Visa e China on key

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<v Speaker 1>American companies being able to do business in that market.

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<v Speaker 2>Well, I'll give you a base principle that I hope

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<v Speaker 2>people can agree with, regardless of partisanship. We should not

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<v Speaker 2>depend on our adversary for our own national security. You

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<v Speaker 2>want to talk about chips, forty percent of the semiconductors

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<v Speaker 2>feeding our Department of Defense, including the Army, Navy, Air Force, actually.

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<v Speaker 3>Come from China.

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<v Speaker 2>That doesn't make any sense for our own military industrial base,

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<v Speaker 2>our own military stockpiles to depend on our adversary to

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<v Speaker 2>provide them. God forbid, We're in a conflict scenario, and

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<v Speaker 2>that's something that nobody wants for sure, but God forbid,

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<v Speaker 2>we are in a conflict scenario with an adversary. They're

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<v Speaker 2>not going to keep supplying those inputs. And so I

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<v Speaker 2>think it is sensible policy. And I don't care if

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<v Speaker 2>you're a Republican or a Democrat for the United States

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<v Speaker 2>to say, in sectors critical to our national security, at

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<v Speaker 2>least for ourn military industrial base, we should not be

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<v Speaker 2>dependent on our chief adversary.

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<v Speaker 3>And I think that sensible policy.

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<v Speaker 2>Donald Trump, I think above all, one of the things

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<v Speaker 2>I like about him is a businessman but also a pragmatist.

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<v Speaker 2>When it comes to these foreign policy dealings, he was

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<v Speaker 2>respected and I think that put the US in a

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<v Speaker 2>stronger position in a lot of those negotiations.

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<v Speaker 1>Mister Ramaswami, there was some interest in you when I

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<v Speaker 1>said on social media you were coming on the show.

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<v Speaker 1>We got a number of questions from the audience, But

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<v Speaker 1>I'm going to put one to you, if that's okay.

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<v Speaker 1>One user says, please ask him how much of his

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<v Speaker 1>own money was spent on his campaign. I think a

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<v Speaker 1>reference to your early run as a candidate. Has it

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<v Speaker 1>given you an acceptable ROI? And what was the exposure

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<v Speaker 1>and network effect for you in doing this supporting former

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<v Speaker 1>President Trump?

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<v Speaker 3>Yeah, so the answer visual public record. I'm going to

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<v Speaker 3>give you round nubers.

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<v Speaker 2>It was a little over thirty million dollars of my

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<v Speaker 2>own hard earned money. By the way, I didn't inherit money.

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<v Speaker 2>My parents came to this country with no money. But

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<v Speaker 2>I'm a self made entrepreneur who's found in multi billion

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<v Speaker 2>dollar companies, and the ROI on that I measure is

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<v Speaker 2>not related to me. It's related to the impact we

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<v Speaker 2>have on our country. I was the youngest person ever

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<v Speaker 2>to run for US president as a Republican, and one

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<v Speaker 2>of the things I was proud we were able to

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<v Speaker 2>do was to bring non traditional, disengaged citizens back into

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<v Speaker 2>politics actually caring about our country, especially young people. I

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<v Speaker 2>showed up on a college campus in Pennsylvania yesterday. There

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<v Speaker 2>were two thousand plus young people that showed up just

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<v Speaker 2>to hear the conversations we were having, one on one

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<v Speaker 2>at a time.

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<v Speaker 3>That gave me a sense of inspiration.

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<v Speaker 2>It gave me a sense of deep gratification and satisfaction

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<v Speaker 2>to say that this journey that I began in February

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<v Speaker 2>of last year, where nobody knew my name, let alone

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<v Speaker 2>could pronounce it, I was at zero point zero percent

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<v Speaker 2>in the polls, and by the end of the race

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<v Speaker 2>less than a year later, had beaten a vice president,

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<v Speaker 2>multiple governors, and a former senator. It proves what's possible

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<v Speaker 2>in the United States of America, and so was it

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<v Speaker 2>worth it. Absolutely, And I hope that our best days

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<v Speaker 2>as a country, and my own ability to have an

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<v Speaker 2>impact on it, is.

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<v Speaker 3>Still ahead of us.

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<v Speaker 4>Some of those young people perhaps you're talking to, care

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<v Speaker 4>about Crypto, one of those companies that you formed, Strive

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<v Speaker 4>asset management one point seven billion dollars in assets on

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<v Speaker 4>a management is going to be going and buying in

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<v Speaker 4>on bitcoin for the first time. Can you just articulate

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<v Speaker 4>for us what you think the crypto policies will be

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<v Speaker 4>under Trump.

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<v Speaker 3>Yeah.

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<v Speaker 2>First of all, I'm incredibly proud of Strive as a

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<v Speaker 2>business I co founded. I stepped down as chairman before

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<v Speaker 2>I ran for president, but I'm so proud of the

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<v Speaker 2>team and what they've accomplished. Matt Cole, he's the CEO

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<v Speaker 2>who was formerly a successful bond portfolio manager at CalPERS,

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<v Speaker 2>is really leading stride with the vision for financial freedom,

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<v Speaker 2>which I'm so proud of.

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<v Speaker 3>What they've done.

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<v Speaker 2>I'm going to view on the future of crypto policy

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<v Speaker 2>is it's less related to helping one sector and more

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<v Speaker 2>related to just reviving the principles the country was founded on.

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<v Speaker 3>In the first place.

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<v Speaker 2>Unbridled innovation competition as the answer, but there should be

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<v Speaker 2>some regulation.

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<v Speaker 5>It should totally be unbridled.

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<v Speaker 2>Well, the first thing I would say is unbridled innovation.

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<v Speaker 2>What we really need is regulatory clarity. So I think

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<v Speaker 2>it is a sad state of affairs where you see

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<v Speaker 2>a paradigm of regulation by enforcement, where many participants in

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<v Speaker 2>the industry don't know what the rules are in the

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<v Speaker 2>first place. So we can debate what the rules are,

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<v Speaker 2>what they should be. I think that's a reasonable debate

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<v Speaker 2>to have. But what we can't have is a situation

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<v Speaker 2>where people are guessing at what those rules are. I'll

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<v Speaker 2>give you one example of that when the head when

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<v Speaker 2>Lead Commissioner of the SEC could not answer before Congress

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<v Speaker 2>whether ethereum was even a security.

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<v Speaker 3>Maybe it is and maybe it shouldn't be. But either way,

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<v Speaker 3>at least the industry deserves to know.

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<v Speaker 2>And so I think regulation in the first principle, whether

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<v Speaker 2>you're on the left or right, should be clarity, and

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<v Speaker 2>I think that's missing in this sector, as in so

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<v Speaker 2>many others today.

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<v Speaker 1>Vivet Ramaswami, thank you for coming back on Bloomberg Technology.

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<v Speaker 3>We appreciate your time.