- Grayscale’s victory against the SEC on Tuesday prompted everyone to talk about Bitcoin, including the candidates for the 2024 US Presidential Elections.
- Ramaswamy said, “This decision paves the way to keep the power of Bitcoin and blockchain innovation in the US, not abroad. However, this should not have reached the courts in the first place.”
- As Vivek pointed out, in recent months, the courts have been favoring the cryptocurrency sector. Alongside Grayscale’s ETF being rejected by the SEC in a “arbitrary and capricious” manner, the judicial system ruled in favor of Ripple in July.
Grayscale’s Bitcoin ETF victory has brought Bitcoin back into the discussion in the US; it could play a critical role in the US elections.
Bitcoin Returns to the Top of the Agenda
Grayscale’s victory against the SEC on Tuesday prompted everyone to talk about Bitcoin, including the candidates for the 2024 US Presidential Elections. Republican Presidential candidate Vivek Ramaswamy shared his optimistic views on Bitcoin recently.
By expressing his skepticism towards the government, he claims that the “shadow government” in Washington operates without restrictions. According to the entrepreneur, federal courts represent the ultimate defense against “illegal rogue actions” by state institutions, and the court’s decision in the Grayscale case confirmed this stance.
In a Twitter post on Wednesday, Ramaswamy said, “This decision paves the way to keep the power of Bitcoin and blockchain innovation in the US, not abroad. However, this should not have reached the courts in the first place.”
In their case, Grayscale argued that the SEC had no reason to reject spot Bitcoin ETFs while approving other Bitcoin products like future ETFs.
US Courts Support Bitcoin
As Vivek pointed out, in recent months, the courts have been favoring the cryptocurrency sector. Alongside Grayscale’s ETF being rejected by the SEC in a “arbitrary and capricious” manner, the judicial system ruled in favor of Ripple in July. The court also stated that XRP is not considered a security.
Vivek’s observations align with the sentiments expressed by various leaders within the cryptocurrency industry. These leaders continually warn against the SEC’s “regulation through enforcement” approach, highlighting how this approach could push crypto businesses and innovators to seek more favorable environments.
These views are also expressed by a group of Republican congress members who support cryptocurrencies. Some of these congress members have explicitly called for the removal of SEC Chairman Gary Gensler. In a meeting with Gensler in April, Representative Tom Emmer described him as an “incompetent police officer” and claimed that his actions could push the crypto industry towards communist China.
Like Coinbase and other exchanges, Vivek emphasizes the need for greater regulatory clarity. Vivek has expressed his support for Bitcoin quite openly. At the Bitcoin 2023 event, he strongly criticized the Central Bank Digital Currencies (CBDC) and the Biden administration’s efforts to impose a 30% consumption tax on Bitcoin miners.
