GOP candidate Ramaswamy vows to keep crypto innovation stateside following Grayscale victory GOP candidate Ramaswamy vows to keep crypto innovation stateside following Grayscale victory
Ramaswamy slammed regulators, like the SEC, describing them as a shadow government.
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Updated: Aug. 31, 2023 at 9:22 am UTC
Gage Skidmore / CC BY-SA 2.0 / Wikimedia. Remixed by CryptoSlate
Vivek Ramaswamy, a Republican presidential candidate, expressed optimism about Bitcoin’s (BTC) prospects and views Grayscale’s recent victory as a promising indicator for cryptocurrency innovation in the United States, according to an Aug. 30 post on his official X handle.
Ramaswamy described regulators, such as the Securities and Exchange Commission (SEC), as a shadow government and claimed they were out of control. According to him, the federal courts offer the only defense against the rogue behaviors of these government agencies.
On Grayscale, the presidential candidate noted that the Court’s decision offers a “strong and clear path to keep Bitcoin & blockchain innovation in the U.S. instead of overseas.”
Grayscale achieved a significant legal victory against the SEC, which had refused to approve the conversion of its Bitcoin Trust into an ETF. The Court deemed the regulator’s decision arbitrary and capricious, mandating a thorough review of the crypto investment company’s application.
However, Ramaswamy noted that the matter should not have gotten to Court in the first place and blamed this on the regulation-by-enforcement approach of the SEC. If elected, he promised to rescind most federal regulations for not meeting the Supreme Court test in West Virginia v EPA.
Ramaswamy’s statement echoes the sentiments of numerous stakeholders critical of the SEC’s crypto regulatory stance. Additionally, it underscores how the burgeoning crypto industry has become a prominent topic in the run-up to the 2024 elections.
The Republican is renowned for supporting the burgeoning crypto industry and previously asserted that Thomas Jefferson would likely be engaged in Bitcoin mining if he were alive today. Earlier this month, he criticized the U.S. government for considering a digital version of the dollar, arguing that the currency “will be *stronger* if we protect it from digitization.”
However, support for Bitcoin is not only among Republicans as Democratic candidates like Robert Kennedy Jr. have spoken in support of Bitcoin, and recent filings show that his family holds the asset.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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