Ramaswamy’s Crypto-Centric Presidential Campaign Ends
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.
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.
Criticizing SEC Chair Gary Gensler
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’s Crypto Plan and Personal Holdings
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.
Hot Take: 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’s campaign focused on advocating for a clear crypto policy and reducing the SEC’s influence in the crypto sector. He criticized SEC Chair Gary Gensler for failing to classify Ethereum definitively. Ramaswamy had released a plan to curb the SEC’s control and holds personal cryptocurrency holdings. Despite dropping out, he remains committed to supporting the crypto community and its growth as commodities.
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