Vivek Ramaswamy, a candidate in the United States presidential race, has praised the recent legal victory of Grayscale against the federal securities regulator, highlighting its potential positive impact on Bitcoin and blockchain innovation within the country.
In a post shared on the X platform (formerly Twitter) on August 30, the pro-Bitcoin Republican candidate criticized what he termed the existence of a “shadow” U.S. government. He attributed this situation to the “unlawful rogue behaviors of ‘3-letter government agencies'”—a veiled reference to the Securities and Exchange Commission (SEC).
Ramaswamy contended that this environment has forced U.S. courts to serve as the final bastion in safeguarding the presence of cryptocurrency innovators within American borders. He asserted that this situation should never have escalated to the judiciary in the first instance.
“This decision is robust and creates a pathway to retain Bitcoin & blockchain innovation in the U.S. rather than overseas,” Ramaswamy stated.
Furthermore, Ramaswamy made a commitment that, if elected, he would reverse any federal regulations that fail to meet the criteria set by the Supreme Court in the West Virginia vs. EPA case. This step holds potential to curtail the SEC’s jurisdiction over the industry, contingent on whether cryptocurrencies qualify under the major questions doctrine.
However, the applicability of this doctrine to the crypto industry is currently under scrutiny in U.S. courts. Despite supportive amicus briefs for Coinbase’s argument, a recent court proceeding in the Terraform Labs case concluded that the doctrine does not encompass crypto tokens due to their relatively limited economic implications.
Ramaswamy stands as one of the three remaining presidential candidates who have vocally embraced the crypto industry, alongside Robert Kennedy Jr. and Ron DeSantis.
Elon Musk, CEO of Tesla and a prominent figure in the financial world, recently commended Ramaswamy for his acceptance of Bitcoin and pro-crypto stance, labeling him as a “very promising candidate.”
Back in late May, Ramaswamy initiated the acceptance of Bitcoin for campaign contributions, underscoring his support for cryptocurrencies and their underlying technologies.
