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Vivek Ramaswamy Withdraws from 2024 U.S. Presidential Campaign

Key Takeaways
  • Republican Vivek Ramaswamy quits after a year, prioritizing America's interests and expressing support for Trump.
  • Ramaswamy gains crypto community support with "The Three Freedoms of Crypto," focusing on developer protection and regulatory clarity.
  • Roivant Sciences founder, Ramaswamy, known for anti-woke stance, emphasizes merit-based hierarchies amid societal concerns.
16-Jan-2024 By: Sudeep Saxena
Vivek Ramaswamy With

Vivek Ramaswamy Backs Trump, Prioritizing America's Interests

Vivek Ramaswamy, a Republican candidate who supports cryptocurrency, has decided to quit the race for the United States presidency.

After nearly a year of campaigning, he announced on January 16 in Des Moines, Iowa, that he is suspending his presidential campaign.

Ramaswamy explained that he believes there should be a candidate prioritizing America's interests, and he disclosed his support for former President Donald Trump in the upcoming election.

Ramaswamy's Bold Stance on Self-Hosted Wallets and Federal Regulations

Ramaswamy entered the presidential race as a relatively unknown candidate but quickly gained support from the cryptocurrency community due to his bold policy proposals regarding Bitcoin and other digital assets.

Distinguishing himself as the sole candidate with a dedicated crypto policy framework, he introduced "The Three Freedoms of Crypto" on Nov. 16. This framework aimed to shield crypto developers from legal liability for the actions of users employing their code.

Additionally, it promised to establish clear regulatory guidelines for new cryptocurrencies and prevent federal agencies from imposing rules restricting the use of self-hosted wallets. It was also recognized that many politicians are trying to take political advantage by talking about cryptocurrencies.

Expressing dissatisfaction with the U.S. Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, on Dec. 6, 2023, Ramaswamy criticized the SEC's lag in adapting to crypto regulation. He found it "nothing short of embarrassing" that Gensler couldn't acknowledge before Congress that Ether (ETH) should be categorized as a commodity.

Who is Vivek Ramaswamy?

Vivek Ganapathy Ramaswamy is an American entrepreneur and politician, best known as the founder of Roivant Sciences, a pharmaceutical company established in 2014. Born in Cincinnati, Ohio, to Indian immigrant parents, Ramaswamy is a Harvard College graduate with a bachelor's degree in biology, complemented by a law degree from Yale Law School. 

Prior to venturing into the pharmaceutical industry, he gained experience as an investment partner at a hedge fund. Marketed as an "American nationalist" and an "anti-woke" candidate, Ramaswamy expresses concerns about what he perceives as the corruption of American society by "victimhood narratives," emphasizing his belief that this hinders the establishment of merit-based hierarchies.

Also Read: SEC Supports Do Kwon's Trial Request Following Extradition to the US

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