Grayscale’s victory over the US SEC on Tuesday has got everyone talking about Bitcoin including candidates for the U.S. Presidential Election 2024. Republican Presidential candidate Vivek Ramaswamy recently shared his bullish view on Bitcoin.
Sharing his skepticism towards the government, the conservative businessperson asserts that the “shadow government” in Washington is operating without restraint. According to the entrepreneur, federal courts represent the final defense against the “unlawful rogue actions” of government agencies identified by acronyms. In the situation involving Grayscale, the court’s decision validated this stance.
In his Wednesday Twitter post, Ramaswamy said: “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.”
In their lawsuit, Grayscale accused the SEC of approving other Bitcoin products like the future ETFs while having no grounds for rejection for the spot Bitcoin ETFs.
US Courts Favoring Bitcoin and Crypto
As pointed out by Vivek, recent months have witnessed courts siding with the cryptocurrency sector. In addition to deeming the SEC’s rejection of Grayscale’s ETF as “arbitrary and capricious,” the judicial system also favored Ripple in July. The court also asserted that XRP does not qualify as a security.
Vivek’s observations also align with the sentiments expressed by various leaders within the cryptocurrency industry. They have repeatedly cautioned against the SEC’s approach of “regulation by enforcement,” emphasizing that it could prompt crypto businesses and innovators to seek more favorable environments overseas.
These viewpoints also mirror the opinions expressed by a group of Republican congressmen supportive of cryptocurrencies. Some of these congressmen have openly called for the removal of SEC Chairman Gary Gensler from his position. In an exchange with Gensler in April, Representative Tom Emmer (R-MN) described him as an “incompetent cop on the beat”. Emmer suggested that his actions could inadvertently push the crypto industry toward communist China.
Just like Coinbase and other exchanges, Vivek stresses the need to attain greater regulatory clarity. Vivek has been quite vocal about his support for Bitcoin. During Bitcoin 2023, he expressed his disapproval of CBDCs and strongly criticized the Biden administration’s efforts to impose a 30% excise tax on Bitcoin miners.
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