Ramaswamy’s departure from the presidential race leaves a void in terms of a candidate explicitly championing pro-crypto policies.
Pro-crypto Republican candidate Vivek Ramaswamy has officially withdrawn from the United States presidential race, marking the end of his nearly year-long campaign. Ramaswamy, who gained attention for his outspoken stance on cryptocurrency and blockchain technology, announced at a press conference in Des Moines, Iowa.
Despite his efforts to bring a pro-crypto agenda to the forefront of American politics, Ramaswamy cited challenges and an uncertain path to victory as the primary reasons for suspending his presidential campaign. He, however, expressed his decision to throw his weight behind former President Donald Trump, endorsing him for the upcoming election.
Vivek Ramaswamy’s Pro-Crypto Agenda
Vivek Ramaswamy entered the political arena as a relatively unknown candidate but quickly captured the attention of the crypto community with his bold policy proposals surrounding Bitcoin and other digital assets. Notably, he was the only presidential candidate to introduce a comprehensive crypto policy framework, unveiling “The Three Freedoms of Crypto” on November 16.
The policy aimed to protect crypto developers from being held liable for user actions, establish clear regulatory guidelines for new cryptocurrencies, and prevent federal agencies from imposing restrictions on self-hosted wallets.
His pro-crypto agenda was built on the belief that these technologies could foster economic growth, innovation, and financial inclusion. Ramaswamy argued that a forward-thinking approach to digital assets could position the United States as a global leader in the crypto space.
Ramaswamy’s commitment to the crypto cause was further evident as he actively participated in the “Stand With Crypto” campaign initiated by Coinbase Global Inc (NASDAQ: COIN). He engaged in discussions surrounding digital assets and blockchain-related issues.
In December, Ramaswamy took a strong stance against the United States Securities and Exchange Commission (SEC) and its Chair, Gary Gensler. He criticized the SEC’s failure to keep pace with crypto regulation and expressed disappointment that Gensler couldn’t affirm before Congress that Ether should be considered a commodity.
Ramaswamy pointed to the limitations of the existing regulatory framework, citing incidents like those involving Sam Bankman-Fried at FTX as evidence that the current structure is ill-equipped to govern the crypto space.
The Future of Crypto in US Politics
Ramaswamy’s departure from the presidential race leaves a void in terms of a candidate explicitly championing pro-crypto policies. His proposed regulatory reforms included a reduction in the SEC workforce and advocating for a more relaxed regulatory approach within the crypto industry. Ramaswamy’s vision extended to treating most cryptocurrencies as commodities outside the SEC’s jurisdiction.
Members of the crypto community were quick to pay their respects to Ramaswamy, with Nic Carter, a general partner at Castle Island Ventures, hailing him as the “most talented” Republican candidate in a generation.
However, with Ramaswamy’s exit from the presidential race, the crypto community is left wondering who will champion their cause and advocate for sensible and forward-thinking regulation in the United States the way Ramaswamy attempted.
As the 2024 election season unfolds, the fate of crypto-friendly policies in American politics remains uncertain.