The Bitcoin President That Wasn't: What The Crypto Community Is Saying About Vivek Ramaswamy's Exit From 2024 Race

After a fourth-place finish in the Iowa caucuses, entrepreneur Vivek Ramaswamy has called off his campaign for the Republican presidential nomination and announced his intention to endorse former President Donald Trump.

What Happened: Ramaswamy expressed gratitude toward his campaign backers and shared his future plans during his concession speech. “I'm going to appear with Donald Trump at a rally in New Hampshire to lay out what I see and what we see for the future of the country,” he said.

Throughout his run, Ramaswamy had a clear stance on the crypto industry, aimed at reducing the Securities and Exchange Commission (SEC) reach and providing clarity in cryptocurrency regulation. His approach favored treating most cryptocurrencies as commodities and prioritized the protection of software developers and owner-operated digital wallets.

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Why It Matters: Ryan Selkis, CEO of Messari, on Ramaswamy’s decision to call off his campaign said, “Vivek is now the most influential libertarian in the country. And he's pro-crypto. Trump knows he's an asset. Win.”

Cardano ADA/USD founder Charles Hoskinson indicated his support for Ramaswamy's ‘Crypto Bill of Rights’. A crypto lawyer, known online as MetaLawMan, shared a succinct review of Ramaswamy’s crypto policies. 

"Vivek says, under his administration:

-regulators will only enforce crypto policies explicitly adopted by Congress

-most crypto assets should be classified as commodities

– everyone has the right to hold digital assets in self-custody wallets beyond the reach of regulators," MetaLawMan tweeted on X.

Hoskinson responded saying, "That’s clear and awesome."

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $42,703, up 0.35% in the last 24 hours, according to Benzinga Pro.

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