Vivek Ramaswamy Applauds Grayscale's Victory for Bitcoin Innovation
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Modified on: Thu, 31 Aug, 2023 at 12:10 AM
Discover how United States presidential candidate Vivek Ramaswamy praises Grayscale's recent legal success against the federal securities regulator, highlighting its potential to foster Bitcoin and blockchain innovation within the country. Explore the implications of his proposed policies for the cryptocurrency industry.
Vivek Ramaswamy, a United States presidential candidate, has praised Grayscale's recent legal victory against the federal securities regulator, believing that the decision will help promote Bitcoin and blockchain innovation within the United States rather than seeing it move overseas.
In a post on social media platform X (formerly Twitter) on August 30, the pro-Bitcoin Republican candidate criticized what he referred to as the "unlawful rogue behaviors" of certain government agencies, likely referring to the Securities and Exchange Commission (SEC). He stated that this situation has forced U.S. courts to act as a safeguard for cryptocurrency innovators, emphasizing that this legal battle should not have been necessary.
Ramaswamy expressed his belief that the recent decision will provide a clear path for Bitcoin and blockchain innovation to flourish within the U.S. borders rather than being outsourced overseas.
Furthermore, Ramaswamy pledged that if he were elected, he would revoke all federal regulations that do not meet the criteria of the Supreme Court's major questions doctrine, as demonstrated in the West Virginia vs. EPA case. This move could potentially limit the extent of the SEC's regulatory reach in the cryptocurrency industry, depending on whether cryptocurrencies are considered to fall under the major questions doctrine.
The application of this doctrine to the crypto industry is currently under scrutiny in U.S. courts. While some arguments have been made in favor of applying the doctrine, a recent court hearing in the Terraform Labs case ruled that it doesn't apply to crypto tokens due to their perceived limited economic implications.
Ramaswamy is among the presidential candidates who openly support the crypto industry, along with Robert Kennedy Jr. and Ron DeSantis. Renowned entrepreneur Elon Musk has endorsed Ramaswamy for his pro-crypto stance and his acceptance of Bitcoin for campaign donations.
Grayscale Investments' recent victory against the SEC has been viewed as a positive development for the cryptocurrency sector and particularly for the prospects of Bitcoin exchange-traded funds (ETFs). The increased likelihood of spot Bitcoin ETF approval by the end of 2023 has been noted by several analysts in response to Grayscale's win.
(BRAYDEN LINDREA, CoinTelegraph, 2023)
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