According to Republican presidential candidate Vivek Ramaswamy, Grayscale’s legal victory opens the door for more Bitcoin innovation.
Everyone, including potential candidates for the 2024 U.S. Presidential Election, has been talking about Bitcoin since Grayscale’s triumph over the US SEC on Tuesday. Vivek Ramaswamy, a Republican presidential candidate, recently expressed his optimism for Bitcoin.
Vivek said in a tweet on Wednesday that the judgment was “strong” and “clears a path to keep Bitcoin and blockchain innovation in the U.S. instead of overseas. Also, Grayscale claimed in their lawsuit that the SEC had no justification for rejecting the spot Bitcoin ETFs while accepting other Bitcoin products like future ETFs.
US Courts Support Cryptocurrency and Bitcoin
Vivek noted that in recent months, judges have sided with the cryptocurrency industry. In addition to labeling the SEC’s denial of Grayscale’s ETF “arbitrary and capricious,” the legal system in July also sided with Ripple. The court also argued that XRP is not a security.
The thoughts of Vivek concur with the sentiments made known by a number of influential figures in the cryptocurrency sector. They have consistently warned against the SEC’s “regulation by enforcement” strategy, highlighting the possibility that it would lead to crypto firms and innovators looking for more hospitable environments elsewhere.
The views voiced by a group of Republican congressmen who embrace cryptocurrency are also reflected in these viewpoints. The ouster of SEC Chairman Gary Gensler from his post has been publicly demanded by several of these politicians. Rep. Tom Emmer (R-MN) referred to Gensler as an “incompetent cop on the beat” during a conversation with him in April. He may unintentionally steer the crypto business toward totalitarian China, according to Emmer, who recommended this.
Vivek emphasizes the necessity of achieving more regulatory certainty, much like Coinbase and other exchanges. Regarding his stance on Bitcoin, Vivek has been very outspoken. He spoke out against CBDCs and the Biden administration’s attempts to levy a 30% excise tax on Bitcoin miners during Bitcoin 2023.
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