By Michael Scott
The crypto community woke up to Vivek Ramaswamy’s distressing announcement in the January 16 press conference in Des Moines. The presidential hopeful announced his exit from the race and instead supported the bid by former US president Donald Trump’s efforts to unseat the incumbent Joe Biden.
Vivek Ramaswamy emerged as the preferred candidate for the crypto community owing to his declaration to introduce crypto-specific policy once elected. The pro-crypto Republican candidate announced his exit from the US presidential election to end the nearly year-long campaign certainly.
Ramaswamy addressed his followers at Des Moines the decision to suspend the presidential campaign. Confirming the exit, Ramaswamy replicates the decision by Chris Christie, who quit on Wednesday as the race to the presidential polls speeds up.
Ramaswamy Outspoken Support for Crypto
Ramaswamy drops out of the race coincidentally with the ABC News publishing survey produced by the Langer Research Associates and tapping Ipsos Public Affairs for the fieldwork. The poll saw Ramaswamy score low, trailing the high-scoring Donald Trump.
Ramaswamy reiterated the need for an America First candidate as the race edges closer to the poll date. He indicated that he would support Donald Trump in the election.
The American entrepreneur confirmed endorsing Donald Trump in his second stab for the presidency. The Roivant Sciences founder admitted he failed to realize the surprise he desired.
Though relatively unknown, the 38-year-old politician threw his hat into the presidential campaign circuit. His candidature quickly realized following and support from the crypto community attracted by the outspoken nature towards policy proposals in support of Bitcoin and other cryptocurrencies.
Notably, Ramaswamy garnered the crypto community’s support, being the only presidential hopeful whose manifesto promised to introduce the crypto policy framework.
On November 16, Ramaswamy recently unveiled the framework identified as Three Freedoms of Crypto. The candidate promised to exempt the developers from regulators who announced they would hold code developers liable for actions of individuals maliciously using their code.
Previously, in an August 31 post on the X platform, Ramaswamy hailed Grayscale’s victory over the US Securities and Exchange Commission (SEC). The pro-Bitcoin Republican argued that the court decision will help prevent Bitcoin and blockchain innovations from overseas exodus.
The Republican politician decried the “shadow” US government by blaming it for advancing the unlawful rogue conduct by the three-letter government agency to regulate through enforcement actions.
Ramaswamy Faults SEC for Forcing Crypto Exit
Ramaswamy faulted SEC for forcing crypto innovations to exit the US with a dozen others battling charges levelled against them. The politician indicated that the US courts were now serving as the last defence line in the attempt to keep crypto innovations in the US. He blamed the SEC for allowing the matter to reach the courts by rejecting Grayscale’s bid to convert Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF).
Ramaswamy described the Three Freedoms of Crypto as a policy constituting clear regulatory guidelines for crypto issuances and capping federal agencies from formulating rules that hinder self-hosted wallets.
Ramaswamy, in a December 6 criticism towards the SEC and chief Gary Gensler for failure to update crypto regulation. He accused the agency and its chair of fueling the embarrassment event when Gensler failed to admit during a congressional hearing that Ethereum is a commodity.
The crypto community paid respects to Ramaswamy, led by Castle Island Ventures partner Nic Carter. The crypto executive described Ramaswamy as one possessing the unmatched talent to facilitate crypto-specific regulation.
Editorial credit: Aaron of L.A. Photography / Shutterstock.com