Pro-Bitcoin Presidential Candidate Vivek Ramaswamy Praises Grayscale's Victory for Bitcoin and Blockchain Innovation in the US
Vivek Ramaswamy, a Republican Presidential candidate, commended Grayscale's recent legal victory against the federal securities regulator, stating that the decision would play a role in retaining Bitcoin and blockchain innovation within the United States rather than abroad.
Grayscale had achieved a significant legal win against the SEC, which denied converting its Bitcoin Trust into an ETF.
The Court's decision found the SEC's rejection arbitrary and capricious, mandating a thorough review of Grayscale's application. This showcased the judiciary's role as a check and balance on government agencies.
In an August 30th post on X, Ramaswamy criticized what he termed the "out of control" "shadow government" in Washington, emphasizing that federal courts are the last defense against the perceived "unlawful rogue behaviors" of government agencies with three-letter acronyms.
Regarding Grayscale's case, the presidential candidate highlighted the Court's ruling as a positive step towards keeping Bitcoin and blockchain innovation in the U.S. instead of overseas.
He stated, "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."
Ramaswamy, however, criticized the need to reach the Court, attributing it to the SEC's approach of regulation by enforcement.
He vowed to rescind federal regulations that don't meet the Supreme Court test set in the West Virginia v EPA case as part of his candidacy promises.
This precedent limits regulators' authority to regulate "major questions" unless explicitly granted by Congress. The implication is a potential limitation of the SEC's oversight in the crypto industry if deemed a
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