Former Republican presidential hopeful Vivek Ramaswamy, renowned for his advocacy in the crypto space, has opted to step back from the 2024 presidential race, citing low vote totals in the Iowa caucuses. Ramaswamy, hailing from Iowa himself, now pledges his support to the crypto-friendly candidate, Donald Trump.
In a surprising turn of events, Ramaswamy officially endorsed Donald Trump after the latter secured a victory in the 2024 Iowa caucus, garnering 51% of the vote and 20 delegates. The unexpected alliance boosts Trump, who now sees increased support from the crypto community.
Addressing his supporters in Des Moines, Ramaswamy used a platform identified as ‘X’ to express gratitude for the positive reception of his campaign. He attributed the suspension of his campaign to the people’s clear expression of desires and announced his full backing of Donald Trump for the presidency. Ramaswamy’s temporary exit from the race underscores the importance of aligning with Trump’s ‘America First’ ideology.
Ramaswamy’s Stance on Cryptocurrency Regulation
During a recent discussion, Ramaswamy emphasized the necessity of a revised regulatory approach towards cryptocurrencies. He strongly supports Bitcoin and believes it offers a viable alternative to the current American financial system. However, Ramaswamy criticized SEC Chair Gary Gensler for not providing clear regulations for digital assets like Ethereum. The former presidential contender’s views on crypto regulation have resonated with prominent figures in the industry, including Elon Musk and Charles Hoskinson.
Despite being the target of criticisms from Trump during his presidential campaign, Ramaswamy’s endorsement reflects a shared vision for the future of the United States. Trump’s perceived friendliness towards the crypto industry has garnered support from many in the community, with House Majority Whip Tom Emmer even predicting increased support in a potential second term.
Vivek Ramaswamy’s withdrawal from the presidential race and endorsement of Donald Trump marks a significant development in the intersection of politics and cryptocurrency, with implications for the 2024 election and the regulatory landscape of digital assets in the United States.
