Pro-Crypto Presidential Candidate Vivek Ramaswamy Suspends Campaign And Endorses Donald Trump

On Jan 16, 2024

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Vivek Ramaswamy, a pro-crypto U.S. presidential candidate who pledged to lay off most of the Securities and Exchange Commission (SEC) if elected president, suspended his campaign for Republican leadership after a fourth-place finish in Iowa.

Ramaswamy thanked his supporters in his concession speech. He also endorsed former President Donald Trump, saying, “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.”

Vivek Ramaswamy Attacks The SEC

Ramaswamy has been a vocal advocate for the cryptocurrency space, and has not held back in his criticism of the SEC. In the fourth GOP primary debate, he chastised SEC Chairman Gary Gensler, as well as the SEC and the country’s regulatory framework, for not being able to rein in bad actors.

“Our regulations need to catch up with the current moment. The fact that SBF [Sam Bankman-Fried] was able to do what he did at FTX shows whatever they have as a current framework isn’t working, ” said Ramaswamy.

Ramaswamy also highlighted an incident where the SEC Chair was unable to clarify whether Ethereum is a security in a hearing, and said it was “nothing short of embarrassing.”

Could Trump Change His Stance On Crypto?

A recent disclosure showed that Ramaswamy owned between $100,001 and $250,000 worth of Bitcoin (BTC) in a Coinbase account. It also showed that he owned between $15,001 and $50,000 in ether (ETH).

Trump, on the other hand, declared on X on Jul. 12, 2019, that he is “not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
— Donald J. Trump (@realDonaldTrump) July 12, 2019

Despite his criticism of the digital asset spacea a filing submitted to the Office of Government Ethics revealed that Trump had a “cryptocurrency wallet.” According to the documents, the value held in the wallets at the time of the filing was between $250,000 and $500,000.

This wallet may be linked to the non-fungible token (NFT) collection that the former President launched in December 2022. The collection consisted of a total of 44,000 trading cards featuring images of Trump in various stances as a superhero, cowboy, or astronaut.

Given the fact that the assets could have been derived from his NFT venture, there are currently no definitive signs that Trump is having a change of heart.

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