Vivek Ramaswamy, who had promised to streamline the Securities and Exchange Commission (SEC) and shape a clear digital assets policy if elected President, has decided to halt his campaign for Republican leadership following a fourth-place finish in Iowa.
Expressing gratitude to his supporters in his concession speech, Ramaswamy announced his endorsement of former President Donald Trump. He revealed plans to join Trump at a rally in New Hampshire to discuss their shared vision for the country’s future.
Ramaswamy’s crypto strategy, outlined during his campaign, focused on protecting software developers and unhosted digital wallets. He advocated for treating most cryptocurrencies as commodities and reducing the SEC’s influence in the crypto sector.
In an earlier interview with CoinDesk TV, Ramaswamy highlighted the need for regulatory clarity, emphasizing the importance of rescinding regulations that target legal activities in the crypto space. He expressed concerns about the regulatory state overreaching and interfering with legitimate practices.
During a Republican leadership debate in December, Ramaswamy emphasized the necessity for regulations to catch up with the rapidly evolving landscape of digital assets. He pointed out flaws in the current framework, citing examples like SBF’s actions with FTX.
Ramaswamy criticized SEC Chair Gary Gensler, stating that it was embarrassing that Gensler couldn’t confirm before Congress whether Ethereum is considered a regulated security. He viewed this uncertainty as another instance of the administrative state overreaching its boundaries.
Notably, Ramaswamy owns between $100,001 and $250,000 worth of bitcoin (BTC) in a Coinbase (COIN) account and holds between $15,001 and $50,000 in ether, according to a disclosure earlier this year.
