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Grayscale win “paves the way” for Bitcoin innovation

August 31, 2023
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United States presidential candidate Vivek Ramaswamy has hailed Grayscale’s recent victory over the federal securities regulator, arguing that the decision will help prevent Bitcoin and blockchain innovation from traveling abroad.

On August 30th mail On X (formerly Twitter), the pro-Bitcoin Republican nominee fired at the US “shadow” government, pointing the blame on the “illegal rogue behaviors” of “three letter government agencies” — presumably the SEC.

This has led to the US courts being a last line of defense to help keep cryptocurrency innovators in the country, Ramaswamy said, adding that it should not have come to the courts in the first place.

“This decision is strong and paves the way for keeping bitcoin and blockchain innovation in the US rather than abroad,” Ramaswamy explained.

If elected, Ramaswamy added, he would strike down all federal regulations that failed the Supreme Court’s key questions test from last year’s West Virginia v. EPA case, a ruling in which conservative majorities on the court limited regulators’ abilities to regulate “key issues” of what They have not been expressly granted this authority by Congress. The move would limit the SEC’s oversight of the industry, assuming cryptocurrency regulations are a “major question.”

However, the question of whether this principle applies to the cryptocurrency industry is currently being tested in US courts. While several amicus briefs have been filed to support Coinbase in making the same argument, a recent court hearing in the Terraform Labs case ruled that the principle does not apply to cryptocurrency tokens because their economic effects are not large enough.

Ramaswamy is one of three presidential candidates still in the running who have shown outside support for the cryptocurrency industry, along with Robert Kennedy Jr. and Ron DeSantis.

Tesla CEO and billionaire Elon Musk recently praised Pramaswamy for his acceptance of bitcoin and the pro-cryptocurrency advocacy, adding that he represents a “very promising candidate.”

And in late May, the presidential candidate began accepting bitcoin for campaign donations.

Related: GBTC Bitcoin ‘discount’ may end by 2024 as share price soars 17%

Grayscale Investments’ latest judicial victory against the Securities and Exchange Commission on August 29 has been hailed as a win for the cryptocurrency space and Bitcoin ETFs in particular.

BTC price rose 7.3% to $27,940 before retreating to $27,200 at the time of writing. according to CoinGecko, while several analysts from Bloomberg have pointed out that a Grayscale win increases the likelihood that Bitcoin ETFs will be approved by the end of 2023.

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