Vivek Ramaswamy, a Republican presidential candidate known for his pro-crypto stance, has decided to suspend his campaign after securing a fourth-place finish in Iowa.
During his concession speech, Ramaswamy, who pledged to streamline the Securities and Exchange Commission (SEC) and advocate for a clear crypto policy if elected, announced the suspension. Expressing gratitude to his supporters, he made a significant endorsement by throwing his support behind former President Donald Trump. Ramaswamy further revealed plans to join Trump at a rally in New Hampshire to discuss their shared vision for the country’s future.
Ramaswamy’s crypto-centric campaign emphasized the importance of safeguarding software developers and unhosted digital wallets. He proposed treating most cryptocurrencies as commodities and advocated for a substantial reduction in the SEC’s influence within the crypto sector. In a December Republican leadership debate, he stressed the urgency for regulatory frameworks to keep pace with the rapidly evolving world of digital assets.
Notably, Ramaswamy criticized SEC Chair Gary Gensler for failing to definitively classify Ethereum before Congress. He argued that Gensler’s inability to clearly determine whether Ethereum should be considered a regulated security exemplified the administrative state going too far.
Ramaswamy had released a cryptocurrency plan aimed at curbing the SEC’s control and reducing government involvement in the crypto space. He expressed a commitment to ousting most SEC officials to create an environment for cryptocurrencies to thrive as commodities.
Earlier this year, it was disclosed that Ramaswamy holds a stake in the crypto market, owning between $100,001 and $250,000 worth of Bitcoin in a Coinbase account, along with Ether holdings valued between $15,001 and $50,000. Despite the suspension of his presidential campaign, Ramaswamy’s pro-crypto advocacy and vision for reshaping crypto regulations remain noteworthy in the evolving landscape of digital assets.
