Vivek Ramaswamy, a Republican Presidential candidate, commended Grayscale’s recent legal victory against the federal securities regulator, stating that the decision would play a role in retaining Bitcoin and blockchain innovation within the United States rather than abroad.
Grayscale had achieved a significant legal win against the SEC, which denied converting its Bitcoin Trust into an ETF.
The Court’s decision found the SEC’s rejection arbitrary and capricious, mandating a thorough review of Grayscale’s application. This showcased the judiciary’s role as a check and balance on government agencies.
In an August 30th post on X, Ramaswamy criticized what he termed the “out of control” “shadow government” in Washington, emphasizing that federal courts are the last defense against the perceived “unlawful rogue behaviors” of government agencies with three-letter acronyms.
Regarding Grayscale’s case, the presidential candidate highlighted the Court’s ruling as a positive step towards keeping Bitcoin and blockchain innovation in the U.S. instead of overseas.
He stated, “This decision is strong and clears a path to keep Bitcoin and blockchain innovation in the U.S. instead of overseas. But this should have never reached the courts in the first place.”
Ramaswamy, however, criticized the need to reach the Court, attributing it to the SEC’s approach of regulation by enforcement.
He vowed to rescind federal regulations that don’t meet the Supreme Court test set in the West Virginia v EPA case as part of his candidacy promises.
This precedent limits regulators’ authority to regulate “major questions” unless explicitly granted by Congress. The implication is a potential limitation of the SEC’s oversight in the crypto industry if deemed a “major question.”
Ramaswamy’s stance reflects the sentiment of many stakeholders critical of the SEC’s approach to crypto regulation. It also underscores the increasing prominence of the crypto industry in the lead-up to the 2024 elections.
Vivek Ramaswamy’s Pro-Crypto Stance Shakes Up 2024 Election Discourse
At 38, Vivek Ramaswamy has positioned the 2024 election as a decisive “referendum on fiat currency.”
During the Bitcoin 2023 event, he expressed strong criticism against Central Bank Digital Currencies (CBDCs) and vehemently denounced the Biden administration’s proposed 30% excise tax on Bitcoin miners.
His evident support for the growing cryptocurrency sector has prompted 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 dollar’s integrity by firmly opposing its potential digitization.
Among the remaining presidential candidates, Ramaswamy is one of the three who openly endorse the crypto industry, joining the ranks of Robert Kennedy Jr. and Ron DeSantis.
His pro-crypto stance and acceptance of Bitcoin earned him praise from Tesla’s CEO, Elon Musk, who hailed him as a “very promising candidate.”
Notably, Ramaswamy took a concrete step towards solidifying his crypto support by accepting Bitcoin, Dogecoin (DOGE), Shiba Inu (SHIB) and several other altcoins for campaign donations in late May.
The recent legal victory of Grayscale Investments against the SEC on August 29 marked a significant triumph for the cryptocurrency space, with notable implications for Bitcoin ETFs. Analysts at Bloomberg observed that Grayscale’s victory enhanced the prospects of obtaining approval for spot Bitcoin ETFs by the end of 2023.
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