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Vivek Ramaswamy, a pro-crypto Republican candidate, has officially withdrawn from the 2024 United States presidential race. His decision, announced at a press conference in Des Moines, Iowa, marks the end of his nearly year-long campaign, which had garnered significant attention from the cryptocurrency community.
Vivek Ramaswamy Announcement and Endorsement
Ramaswamy, addressing his supporters, stated, “As of this moment, we are going to suspend this presidential campaign.” He acknowledged the lack of a viable path to the presidency, barring unforeseen and undesirable events in the country. Emphasizing the need for an “America first” candidate, Ramaswamy announced his full endorsement for former President Donald Trump in the upcoming election.
Live from Des Moines, IA | Vivek 2024 Caucus Night Press Conference https://t.co/ykH9wRlSKL — Vivek Ramaswamy (@VivekGRamaswamy) January 16, 2024
Ramaswamy’s Impact on Crypto Policy
During his campaign, Ramaswamy stood out as the only presidential candidate to introduce a comprehensive crypto policy framework. On Nov. 16, 2023, he unveiled “The Three Freedoms of Crypto,” a policy designed to exempt crypto developers from liability for the actions of users of their code. This policy aimed to provide clear regulatory guidelines for new cryptocurrencies and prevent federal agencies from imposing restrictions on the use of self-hosted wallets.
Ramaswamy’s stance on cryptocurrency regulation was particularly notable. On Dec. 6, 2023, he criticized the United States Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, for their failure to keep pace with crypto regulation. He expressed disappointment over Gensler’s inability to acknowledge before Congress that Ether (ETH) should be considered a commodity.
Community Response
Vivek is the most talented new Republican face in a generation. I hope we see more of him — nic 🌠 carter (@nic__carter) January 16, 2024
Ramaswamy’s withdrawal from the race was met with respect and admiration from members of the crypto community. Nic Carter, a general partner at Castle Island Ventures, praised Ramaswamy as the “most talented new Republican face in a generation,” expressing hope for his continued presence in the political arena.
Vivek Ramaswamy’s presidential campaign, though short-lived, brought significant attention to the intersection of politics and cryptocurrency. His policy proposals and outspoken support for the crypto industry highlighted the growing importance of digital assets in the political discourse. As the 2024 presidential race continues, the crypto community remains attentive to how candidates and policymakers will navigate the evolving landscape of cryptocurrency regulation.
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