Pro Crypto Candidate Vivek Ramaswamy Drops Out of U.S Presidential Race

Pro crypto Republican presidential candidate Vivek Ramaswamy has suspended his campaign after securing a fourth-place finish in Iowa.

Ramaswamy, who had pledged to streamline the Securities and Exchange Commission (SEC) and advocate for a clear crypto policy if elected, announced the suspension during his concession speech.

Expressing gratitude to his supporters, Ramaswamy also made a significant endorsement, throwing his support behind former President Donald Trump. He further announced plans to appear with Trump at a rally in New Hampshire to discuss their vision for the country’s future.

This entire campaign is about speaking the TRUTH. We did not achieve our goal tonight & we need an America-First patriot in the White House. The people spoke loud & clear about who they want. Tonight I am suspending my campaign and endorsing Donald J. Trump and will do everything…

— Vivek Ramaswamy (@VivekGRamaswamy) January 16, 2024

Ramaswamy’s Crypto-Centric Presidential Campaign Ends

Ramaswamy’s crypto-centric campaign had emphasized the need to safeguard 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. During a Republican leadership debate in December, Ramaswamy highlighted the urgency for regulatory frameworks to keep pace with the rapidly evolving world of digital assets.

In particular, he criticized SEC Chair Gary Gensler for his failure to definitively classify Ethereum before Congress. Ramaswamy found fault in Gensler’s inability to clearly determine whether Ethereum should be considered a regulated security or not. This, he argued, exemplified the administrative state going too far.

Ramaswamy had released a plan for cryptocurrency to curb the SEC’s control and the government’s involvement in the crypto space. He is committed to ousting most of the SEC officials to facilitate an environment for cryptos to thrive as commodities.

In a disclosure earlier this year, it was revealed 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 holdings of Ether valued between $15,001 and $50,000.