Republican Presidential Candidate Vivek Ramaswamy Drops Out of Race
Republican presidential candidate Vivek Ramaswamy, who had a designated crypto plan and gained support from crypto executives, has suspended his candidacy following the Iowa caucus results. Ramaswamy announced his decision on Monday night, stating that he is endorsing Donald J. Trump and will do everything he can to ensure Trump becomes the next U.S. President. Former President Donald Trump won the caucus, followed by Florida Governor Ron DeSantis and former U.N. Ambassador Nikki Haley.
Crypto Support for Ramaswamy
Ramaswamy received support from crypto advocates, including Messari CEO Ryan Selkis. Selkis tweeted that Ramaswamy is now the most influential libertarian in the country and is pro crypto. Trump has not revealed his pick for vice president if he wins the nomination. It’s worth noting that Trump has been involved with NFTs, releasing a collection of 45,000 NFTs in December 2022 and unveiling another set of digital trading cards later on.
Ramaswamy’s Stance on Crypto
Ramaswamy’s crypto plan aimed to block regulation of self-hosted wallets and promote innovation without regulatory overreach. He also criticized SEC Chair Gary Gensler’s stance on cryptocurrencies during a debate, expressing his belief that Gensler’s approach represents excessive government control. Gensler has consistently argued that many cryptocurrencies are securities and should comply with securities laws.
Hot Take: Ramaswamy Exits Race, Leaving Crypto Community Without a Dedicated Candidate
With Ramaswamy dropping out of the race, the crypto community loses a candidate who had shown support for their interests. Although other Republican candidates have mentioned crypto, Ramaswamy stood out with his specific crypto plan and endorsements from industry figures. It remains to be seen how the remaining candidates will address crypto-related issues and whether they will prioritize the concerns of the crypto community.
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