Presidential candidate hails Grayscale victory
Vivek Ramaswamy, a United States presidential candidate and vocal supporter of Bitcoin, has praised Grayscale's recent court victory over the Securities and Exchange Commission (SEC). Ramaswamy argues that this decision will help prevent Bitcoin and blockchain innovation from leaving the US.
Pointing the blame at the "shadow" government
In a Twitter post, Ramaswamy criticized the "unlawful rogue behaviors" of "3-letter government agencies," presumably referring to the SEC. He believes that the US courts serve as the last line of defense to protect cryptocurrency innovators and argues that the case shouldn't have gone to court in the first place.
A path to keeping innovation in the US
Ramaswamy sees the court decision as a positive move that will allow Bitcoin and blockchain innovation to thrive in the US rather than relocating overseas. He believes that this victory strengthens the country's position in the crypto industry.
Potential federal regulation rollback
If elected, Ramaswamy has promised to roll back federal regulations that do not pass the Supreme Court's test in the West Virginia vs. EPA case. This could potentially limit the SEC's influence on the cryptocurrency industry.
Crypto industry's major questions doctrine under scrutiny
The applicability of the major questions doctrine to the crypto industry is currently being tested in US courts. While there is support for the argument that the doctrine should apply, a recent court ruling in the Terraform Labs case determined that it does not, citing insignificant economic implications of crypto tokens.
Support for the crypto industry
Ramaswamy is one of three presidential candidates who have shown support for the crypto industry, alongside Robert Kennedy Jr. and Ron DeSantis. His acceptance of Bitcoin for campaign donations and advocacy for cryptocurrencies has gained the attention of Tesla CEO Elon Musk.
Grayscale's victory signals positive outlook for Bitcoin ETFs
Grayscale Investments' court victory against the SEC has been celebrated as a win for the cryptocurrency industry, particularly Bitcoin ETFs. Analysts predict that this win increases the likelihood of spot Bitcoin ETFs receiving approval by the end of 2023.
