Vivek Ramaswamy’s ties to Lutnicks and crypto raise conflict of interest questions in Ohio governor race

Ohio Republican gubernatorial candidate Vivek Ramaswamy’s campaign reported receiving a gift from finance CEO Brandon Lutnick, a fellow crypto backer whose company invested millions in Ramaswamy’s Strive Enterprises financial services company.

Ramaswamy, the likely Republican nominee for governor in this year’s general election, reported the gift in his personal financial disclosures submitted to the state earlier this month.

Ohio’s ethics laws do not require candidates to disclose the gift amount, but all gifts valued at $75 or more in value must be reported. Ramaswamy’s campaign did not respond to a request to comment on the gifts or his relationship with Lutnick.

Brandon Lutnick

Lutnick, 27, is the CEO of Cantor Fitzgerald, a global financial services firm founded by his father, Commerce Secretary Howard Lutnick. Brandon Lutnick became the company’s chairman after President Donald Trump named his father to his cabinet.

Ramaswamy and the Lutnicks are prominent advocates for crypto. Howard Lutnick spoke at the 2024 crypto conference alongside his “good friends, Former President Donald Trump [and] Vivek Ramaswamy,” according to a YouTube video he posted. In the same year, Cantor Fitzgerald led a $30 million investment in Ramaswamy’s Strive Enterprises.

In February, U.S. Rep. Jamie Raskin (D-MD), the top Democrat on the House Judiciary Committee, sent a letter to Brandon and Howard Lutnick demanding answers about a possible conflict of interest involving Trump’s tariff policies. The letter referenced a Wired report from last July that revealed Cantor Fitzgerald was essentially betting on Trump’s tariffs being struck down in court, while Howard Lutnick repeatedly championed the controversial policies publicly.

Cantor Fitzgerald has denied making such transactions.

“Cantor Fitzgerald has never executed any transactions or taken any position on tariffs refund claims,” a company representative said in response to Raskins’ letter. “In July 2025, certain Cantor salespeople explored brokering tariff trades, but Cantor never executed any transactions. All reports to the contrary are false. We will reiterate these points in our response to Ranking Member Raskin.”

Ramaswamy has supported Trump’s tariff policies and suggested they will spark a boom in U.S. manufacturing jobs, even though manufacturing jobs declined in Trump’s first year partially because of tariffs.

What Ramaswamy’s connections mean for Ohio

Ramaswamy’s business dealings with the Lutnicks coincide with the Ohio GOP’s plan to invest state pension funds in crypto, a policy Ramaswamy has praised. The candidate has been criticized for the potential conflict of interest, as Strive has committed over $1 billion to Bitcoin investments despite heavy losses. Ramaswamy also personally holds Bitcoin and Ethereum.

Ramaswamy’s tariff endorsement also clashes with the policy’s economic impact in Ohio, which has seen businesses struggle to deal with Trump’s unpredictability with tariffs. The tariffs have also increased costs for consumers, who are already paying inflated prices for rent, child care and utility bills.

Ohio Democrats have introduced legislation to address these costs, although they are unlikely to pass in the Republican-dominated state government and certainly not if Ramaswamy becomes governor.

Ramaswamy, whose net worth increased by an estimated $1.4 billion since launching his gubernatorial bid, recently gave his own campaign a $25 million loan. He is looking to defeat Democrat Dr. Amy Acton, Ohio’s former health director, in the November general election.