Pro-Bitcoin Presidential Candidate Vivek Ramaswamy Applauds Grayscale’s Success in Driving Bitcoin and Blockchain Innovation within the United States
Vivek Ramaswamy, a Republican Presidential candidate, has praised Grayscale’s recent triumph against the federal securities regulator, highlighting the impact this decision will have in preserving Bitcoin and blockchain innovation within the United States instead of letting it move abroad.
Grayscale achieved a significant legal victory against the SEC when its request to convert the Bitcoin Trust into an ETF was denied.
The Court’s decision deemed the SEC’s rejection arbitrary and capricious, leading to a comprehensive review of Grayscale’s application. This served as a testament to the judiciary’s role in overseeing governmental agencies.
In an article published on X on August 30th, Ramaswamy criticized the “out of control” “shadow government” in Washington and emphasized that the federal courts are the last line of defense against the perceived “unlawful rogue behaviors” of government agencies with three-letter acronyms.
Regarding Grayscale’s case, the Presidential candidate hailed the Court’s ruling as a positive step in maintaining Bitcoin and blockchain innovation in the United States rather than letting it flourish elsewhere.
He stated, “This decision is robust and paves the way for keeping Bitcoin and blockchain innovation within the United States. However, it should never have come to a court battle in the first place.”
Ramaswamy, however, criticized the need for resorting to the Court, attributing it to the SEC’s enforcement-focused approach to regulation.
As part of his campaign promises, he pledged to repeal federal regulations that fail to meet the Supreme Court’s standard established in the West Virginia v EPA case.
This precedent limits regulators’ authority to regulate “major questions” unless explicitly granted by Congress. This could potentially restrict the SEC’s oversight in the cryptocurrency industry if it is deemed a “major question.”
Ramaswamy’s stance echoes the sentiment of many stakeholders who are critical of the SEC’s approach to cryptocurrency regulation. It also underscores the growing significance of the cryptocurrency industry leading up to the 2024 elections.
Vivek Ramaswamy’s Pro-Crypto Stance Creates Waves in the 2024 Election Discourse
At the age of 38, Vivek Ramaswamy has positioned the 2024 election as a definitive “referendum on fiat currency.”
During the Bitcoin 2023 event, he expressed strong opposition to Central Bank Digital Currencies (CBDCs) and vehemently criticized the Biden administration’s proposal for a 30% excise tax on Bitcoin miners.
His evident support for the burgeoning cryptocurrency sector led him to suggest that even if Thomas Jefferson were alive today, he might have been involved in Bitcoin mining.
Ramaswamy’s perspective revolves around safeguarding the integrity of the dollar by firmly opposing its potential digitization.
Among the remaining Presidential candidates, Ramaswamy is one of the three openly endorsing the cryptocurrency industry, alongside Robert Kennedy Jr. and Ron DeSantis.
His pro-crypto stance and acceptance of Bitcoin earned him recognition from Elon Musk, the CEO of Tesla, who described him as a “very promising candidate.”
Notably, Ramaswamy took a concrete step towards solidifying his support for cryptocurrency by accepting donations in Bitcoin, Dogecoin (DOGE), Shiba Inu (SHIB), and several other altcoins in late May.
Grayscale Investments’ recent legal victory against the SEC on August 29 marked a significant triumph for the cryptocurrency space, with notable implications for Bitcoin ETFs. Analysts at Bloomberg have observed that Grayscale’s victory enhances the prospects of obtaining approval for spot Bitcoin ETFs by the end of 2023.