Crypto-Forward US Presidential Hopeful Vivek Ramaswamy Bows Out of Election Race

Shaking the political and crypto worlds alike, Vivek Ramaswamy, the entrepreneur-turned-presidential hopeful, announced his exit from the 2024 election race.

Ramaswamy, garnering only 8% of the GOP caucus vote in Iowa, declared his endorsement for former President Donald Trump, acknowledging the need for a robust “America First” candidate.

Crypto-Friendly Vivek Ramaswamy Drops Presidential Campaign

Ramaswamy, who launched his presidential bid in February 2023, quickly gained traction among Republican voters. His campaign also resonated with Trump’s policies and tone, positioning him as a successor to the MAGA movement.

Despite his efforts and alignment with Trump’s agenda, Ramaswamy could not draw significant support away from Trump, leading to his fourth-place finish in Iowa.

Crypto-friendly Vivek Ramaswamy drops out of the 2024 US presidential race. Source: ABC News

Beyond the political arena, Ramaswamy’s campaign was notable for its staunch criticism of the Securities and Exchange Commission’s (SEC) ambiguous stance on crypto regulation.

Speaking at the Messari Mainnet conference, he emphasized the uncertainty bred by the SEC’s indecisiveness, particularly under Chairman Gary Gensler. Ramaswamy pointed out the SEC’s reluctance to classify Ethereum, the world’s second-largest cryptocurrency, as a security, saying,

“Ambiguity is the friend of the tyrant. The good news is this is something that a US president can fix.”

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

A Push for Sensible and Fair Crypto Regulations

His advocacy for clearer crypto regulations was a cornerstone of his campaign. Ramaswamy pledged to curtail the influence of federal agencies and reduce the federal regulatory workforce by two-thirds. This commitment included supporting the “Keep Your Coins Act,” a bill safeguarding the right to self-custody crypto.

Ramaswamy’s forward-thinking stance on cryptocurrency was highlighted by his reaction to a Federal court decision allowing Grayscale Investments to challenge an SEC order, which he hailed as a victory for Bitcoin and blockchain innovation. His campaign promised the release of a comprehensive crypto policy framework, demonstrating his commitment to reshaping regulations.

While his presidential aspirations may have concluded, Ramaswamy’s impact on the political discourse surrounding crypto regulation remains significant.

Overall, his vision of a less ambiguous regulatory environment and support for blockchain innovation resonated with many in the crypto community, marking him as a distinctive figure in the intersection of politics and digital finance.

Top crypto platforms | January 2024

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