Vivek Ramaswamy, a US presidential candidate running as a pro-Bitcoin Republican, has applauded Grayscale's recent legal triumph against federal securities regulators. Ramaswamy used an August 30 post on the social platform X (formerly Twitter) to criticize what he referred to as the " shadow" US government, singling out "three-letter government agencies," presumably including the Securities and Exchange Commission (SEC).
Ramaswamy argued that these agencies have contributed to an environment where US courts serve as the final bastion defending cryptocurrency innovators who wish to remain in the country. He asserted that this issue should never have reached the courts in the first place.
He stated that the recent court ruling, in favor of Grayscale, is significant and paves the way for retaining Bitcoin and blockchain innovation within the United States rather than driving it overseas. Ramaswamy further committed that if elected, he would work to repeal all federal regulation s that do not meet the Supreme Court's criterion established last year in West Virginia v. EPA. This ruling stipulated that federal agencies can only oversee "major issues" if Congress explicitly grants them such authority. Ramaswamy's intent is to limit the SEC' s regulatory influence over the cryptocurrency industry if it's classified as a "major issue."
However, the applicability of this principle to the cryptocurrency space is currently under examination in US courts. Despite several amicus briefs supporting the argument that the SEC should not have broad oversight over cryptocurrencies, a recent court hearing in the Terraform Labs case that determined the principle does not apply to crypto tokens due to their purportedly limited economic impact.
Ramaswamy is one of three remaining presidential candidates, alongside Robert Kennedy Jr. and Ron DeSantis. His pro-crypto stance has garnered attention and support, with Tesla CEO Elon Musk praising him for embracing Bitcoin and advocating for cryptocurrencies. Musk described Ramaswamy as a " very promising candidate."
This year, several presidential candidates started accepting campaign donations in Bitcoin. Grayscale Investments' recent legal victory against the SEC on August 29 was hailed as a significant win for the cryptocurrency space, particularly for Bitcoin ETFs. Following the news, the price of Bitcoin surged by 7.3% to reach $27,940 before stabilizing at $27,200 at the time of writing, as reported by CoinGecko. Additionally, Bloomberg analysts suggested that Grayscale's victory increases the likelihood of a spot Bitcoin ETF gaining approval by the end of 2 023.
