Ramaswamy's Ohio Governor Bid Sidelines Crypto Despite Millions in Industry Donations

When Vivek Ramaswamy campaigned for the 2024 Republican presidential nomination, he was one of crypto's loudest political advocates—denouncing central bank digital currencies, championing Bitcoin mining, and headlining industry conferences. Now running for governor of Ohio, the Republican candidate has notably stepped back from that pro-crypto rhetoric, even as he maintains deep financial ties to the digital asset industry. Ramaswamy co-founded Strive, an asset manager that announced plans in September 2025 to launch a Bitcoin Bond ETF focused on companies acquiring BTC. He also publicly backed the Ohio Strategic Cryptocurrency Reserve Act before launching his gubernatorial campaign in February 2025, and his campaign website continues to accept crypto donations.

Despite that exposure, crypto has not emerged as a central plank of his Ohio campaign. Ramaswamy did speak at the Bitcoin for America conference in March and Bitcoin 2025 in May, but the broader messaging has shifted toward state-level policy issues. Notably, his campaign has received maximum allowable donations of $16,615 each from Chase Herro, Zak Folkman, and Zachary Witkoff—co-founders of World Liberty Financial, the Trump family's crypto venture. His Super PAC, "V-PAC: Victors, Not Victims," has also pulled in millions from crypto-linked entities, including a reported $20 million from Susquehanna.

The strategic pivot is significant for an industry that once counted Ramaswamy among its most visible allies in Washington. After Donald Trump won the 2024 presidential race, he appointed Ramaswamy to lead the Department of Government Efficiency (DOGE) alongside Elon Musk—a role Ramaswamy left without formally joining the administration. His relative silence on digital assets at the state level contrasts sharply with the combative pro-Bitcoin, anti-CBDC posture that defined his national bid. Cointelegraph reached out to the Ramaswamy campaign for comment but received no response.

The shift raises questions about whether crypto advocacy in U.S. politics is becoming a federal-only issue or whether gubernatorial candidates view digital asset policy as too niche for statewide races. For Ohio—home to a growing blockchain sector and pending legislation on strategic Bitcoin reserves—Ramaswamy's apparent deprioritization of crypto could leave the issue open for other candidates or for state legislators to shape independently of the governor's office.