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U.S. presidential candidate Vivek Ramaswamy has praised Grayscale’s recent triumph over the federal securities regulator, asserting that the ruling will assist in retaining Bitcoin and blockchain innovation within the country.
In a post on X (formerly Twitter) dated Aug. 30, the pro-Bitcoin Republican candidate criticized a “shadow” U.S. government, attributing the issue to the “unlawful rogue behaviors of ‘3-letter government agencies’” — likely referring to the Securities and Exchange Commission.
Ramaswamy stated that this situation has compelled U.S. courts to act as a final bastion to support cryptocurrency innovators remaining in the nation, emphasizing that it should not have escalated to the courts initially.
“This ruling is robust and paves the way to retain Bitcoin & blockchain innovation in the U.S. rather than abroad,” Ramaswamy articulated.
The shadow government in D.C. is out of control & the federal courts are our *only* remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies. This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S.… https://t.co/FsykKyQEVG
— Vivek Ramaswamy (@VivekGRamaswamy) August 30, 2023
Ramaswamy further mentioned that if he were to be elected, he would revoke all federal regulations that do not meet the Supreme Court’s criteria in the West Virginia vs. EPA case — a step that could potentially curtail the SEC’s overreach concerning the industry, depending on whether cryptocurrency falls under the major questions doctrine.
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Nonetheless, the applicability of the doctrine to the crypto sector is currently being examined in U.S. courts. While numerous amicus briefs have been submitted in support of Coinbase’s position, a recent court session in the Terraform Labs case determined that the doctrine does not pertain to crypto tokens due to their economic implications being insufficiently significant.
Ramaswamy is among three presidential candidates still in the race who have expressed clear support for the crypto sector, alongside Robert Kennedy Jr. and Ron DeSantis.
Tesla CEO and billionaire Elon Musk recently commended Ramaswamy for his acceptance of Bitcoin and advocacy for crypto, remarking that he is a “very promising candidate.”
In late May, the presidential candidate started accepting Bitcoin for campaign contributions.
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Grayscale Investments’ recent legal victory against the SEC on Aug. 29 was celebrated as a significant achievement for the cryptocurrency sector and Bitcoin ETFs specifically.
BTC‘s price rose by 7.3% to $27,940 before settling at $27,200 at the time of this writing, according to CoinGecko, while several analysts from Bloomberg observed that Grayscale’s success enhances the probability of spot Bitcoin ETFs receiving approval by the end of 2023.
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