Ramaswamy Applauds Grayscale's Crypto Victory
Vivek Ramaswamy, a contender in the United States presidential race, has commended Grayscale's recent legal triumph over the federal securities regulatory body. Ramaswamy contends that this ruling will serve to prevent the relocation of Bitcoin and blockchain innovation to foreign shores.
In a post dated August 30 on the platform codenamed X (formerly referred to as Twitter), the Republican candidate, who is pro-Bitcoin, directed criticism toward a clandestine faction within the U.S. government. He attributed the blame to the "illicit actions of governmental agencies with three-letter titles," a veiled reference to the Securities and Exchange Commission.
Ramaswamy emphasized that these actions have forced cryptocurrency pioneers to turn to the U.S. judicial system as a final bastion of support, which ideally should not have been necessary.
The decision, Ramaswamy argued, holds significant weight and effectively opens a pathway to retain the advancement of Bitcoin and blockchain technologies within the United States, rather than seeing them migrate abroad.
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
He additionally stated that should he win the presidency, he would invalidate all federal regulations that fail to meet the litmus test established by the Supreme Court in the West Virginia vs. EPA case of the preceding year. In this landmark ruling, the conservative majority within the court constrained regulatory bodies from overseeing matters deemed "significant questions" unless explicitly endowed with such authority by Congress. If applied, this maneuver would curtail the SEC's supervisory role over the crypto sphere, under the assumption that crypto regulations fall within the ambit of "significant questions."
However, the applicability of this doctrine to the cryptocurrency sector is currently under scrutiny within U.S. courtrooms. Despite several supporting amicus briefs submitted in favor of Coinbase advancing the same argument, a recent court hearing related to the Terraform Labs case determined that this doctrine doesn't hold relevance for crypto tokens, as their economic implications lack substantial magnitude.
Among the presidential hopefuls, Ramaswamy is among the trio who have overtly shown endorsement for the cryptocurrency sector, sharing this stance with Robert Kennedy Jr. and Ron DeSantis.
Renowned billionaire and Tesla's CEO, Elon Musk, recently expressed approval for Ramaswamy's embrace of Bitcoin and his advocacy for cryptocurrencies, describing him as an auspicious candidate.
As of late May, the presidential nominee began accepting Bitcoin as a form of campaign contribution. Grayscale Investments' recent judicial triumph over the SEC on August 29 was hailed as a significant victory for the realm of cryptocurrencies, especially for Bitcoin-based ETFs.
In accordance with CoinGecko, BTC's value rose by 7.3% to reach $27,940 before subsequently retreating to $27,200 at the time of this composition. Bloomberg's cadre of analysts observed that Grayscale's achievement heightens the prospects of approval for spot Bitcoin ETFs, potentially occurring by the culmination of 2023.