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Here’s what happened in crypto today

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Anti-central bank digital currency (CBDC) presidential candidate Ron DeSantis came a distant second in the Republican Iowa Caucus race on Jan. 15. Meanwhile, Tether refuted the United Nations’ report on illicit activities conducted using Tether (USDT), and United States presidential candidate Vivek Ramaswamy has dropped out of the U.S. presidential race.

Anti-CBDC Florida governor flounders in Iowa Caucus

Florida governor and presidential hopeful Ron DeSantis finished a distant second behind former Presidnet Donald Trump in the Iowa Caucus race.

According to multiple reports, DeSantis received just 21% of the vote, compared to Trump’s 51%.

DeSantis is widely popular as governor of Florida, but his popularity in the sunshine state hasn’t translated into the presidential race yet. His presidential platform includes banning central bank digital currencies (CBDCs), including foreign CBDCs. DeSantis claims the presence of CBDCs would lead to a “massive transfer of power from consumers to a central authority.”

While it’s unclear how crypto and blockchain will factor in the 2024 election, a recent study by the Crypto Council for Innovation suggests that crypto users could be a “key swing voting bloc.”

Tether responds to UN report about ‘illicit activity’ of USDT

Major stablecoin firm Tether has responded to a United Nations (UN) report highlighting the alleged involvement of its Tether (USDT) stablecoin in illicit activity.

Challenging the UN’s study on Jan. 15, Tether emphasized that the agency’s analysis has “ignored the traceability” of USDT and disregarded its proven record of collaborating with law enforcement worldwide. “The UN should also discuss how centralized stablecoins can improve anti-financial crime efforts,” Tether said, adding that the firm is committed to collaboration on such matters.

Tether further highlighted that it froze more than $300 million in USDT involved in illicit activities over the past few months, including $225 million frozen in November 2023 as part of a United States investigation into a Southeast Asian human trafficking syndicate.

Pro-crypto Vivek Ramaswamy drops out of U.S. presidential race

Speaking at a Jan. 16 press conference in Des Moines, Ramaswamy told his followers that he would no longer be running for president, stating: “As of this moment, we are going to suspend this presidential campaign.”

“There’s no path for me to be the next president absent things that we don’t want to see happen in this country.”

Pro-crypto Republican candidate Vivek Ramaswamy has dropped out of the United States presidential election, putting an almost certain end to his nearly year-long campaign.

Ramaswamy emerged on the presidential campaign circuit as a relatively unknown candidate but quickly garnered a following from the crypto community for his outspoken policy proposals concerning Bitcoin and other digital assets.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.