Despite being the only presidential contender to propose a crypto policy framework, the crypto-friendly candidate is suddenly endorsing the candidacy of former President Donald Trump.
Republican candidate Vivek Ramaswamy, who was pro-crypto, has ended his almost year-long campaign for the presidency of the United States.
In a statement made during a news conference in Des Moines, Iowa, on January 16, Ramaswamy informed his supporters that he would be suspending his presidential campaign immediately. “Unless certain undesirable events occur in this nation, I will not be able to become the next president.”
Ramaswamy went on to remark, “There needs to be an American first candidate in this race,” before announcing his support for former president Donald Trump in the next election.
“I am fully supporting his presidential campaign moving forward. We failed to pull off the unexpected performance we had hoped for this evening.”
Although Ramaswamy was a relatively unknown presidential candidate when he first entered the race, his vocal policies on Bitcoin and other digital assets swiftly won him supporters in the crypto world.
Only Ramaswamy put up a crypto policy framework among the presidential candidates. In his November 16th speech, he introduced “The Three Freedoms of Crypto,” a document that would shield cryptocurrency programmers from legal consequences for the behavior of their users.
He went on to say that the policy document would make it impossible for any government body to impose restrictions on self-hosted wallets and would lay out explicit regulations for emerging cryptocurrencies.
On December 6, 2023, Ramaswamy reprimanded the United States Securities and Exchange Commission and its Chair, Gary Gensler, for falling behind in crypto regulation. His inability to acknowledge Ether’s status as a commodity before Congress was “nothing short of embarrassing,” he said.
Crypto enthusiasts wasted no time in expressing sympathies for the former candidate. Nic Carter, managing partner at Castle Island Ventures, went so far as to call Ramaswamy the “most talented” Republican contender in recent memory.
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