Vivek Ramaswamy, the former biotech executive and the sole Republican candidate with a comprehensive crypto plan, has suspended his campaign for Republican leadership after securing a fourth-place finish in Iowa.
His crypto plan focused on protecting software developers and unhosted digital wallets, treating most cryptocurrencies as commodities, and notably reducing the SEC’s influence in the crypto sector. During a Republican leadership debate in December, Ramaswamy stressed the need for regulations to catch up with the rapidly evolving landscape of digital assets.
He criticized the current regulatory framework, citing examples like SBF’s achievements with FTX, and expressed disappointment in SEC Chair Gary Gensler’s inability to confirm before Congress whether Ethereum is a regulated security. This referred to the ongoing debate within the SEC about whether ether (ETH) should be classified as a security.
Despite Ramaswamy’s exit from the race, his crypto-friendly stance brought attention to the importance of digital asset policy in political discussions. The fate of crypto regulations and policies in the United States remains a significant topic for the cryptocurrency community.
