US Presidential Candidate Ramaswamy Slams Regulators, Says Landmark Grayscale Court Victory Will Prevent Crypto Innovation Migrating Overseas

ByJane Lubale

Updated: 31 August 2023

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Republican Presidential candidate Vivek Ramaswamy slammed US regulators and praised Grayscale Investments’ landmark legal win over the Securities and Exchange Commission (SEC), saying it will help prevent Bitcoin and blockchain innovation from migrating overseas.

“This should have never reached the courts in the first place,” he tweeted. “The shadow government in D.C. is out of control & the federal courts are our *only* remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies.”

The U.S. Court of Appeals for the District of Columbia Circuit ruled on Aug. 29 that the SEC’s earlier decision to reject Grayscale’s application to convert Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF listed on the New York Stock Exchange’s Arca market was “arbitrary and capricious.” It agreed that Grayscale’s proposed Bitcoin ETF was “materially similar” to Bitcoin futures exchange-traded products already approved by the SEC.

Grayscale Win Sparked Bitcoin Rally

Grayscale’s win sparked gains for Bitcoin and the rest of the cryptocurrency market and was heralded as another breakthrough for an industry grappling to fend off the SEC’s regulation-by-enforcement strategy.

The shadow government in D.C. is out of control & the federal courts are our *only* remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies. This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S.… https://t.co/FsykKyQEVG

— Vivek Ramaswamy (@VivekGRamaswamy) August 30, 2023

Courts Favor Cryptocurrency Sector in Recent Rulings

Ramaswamy’s observation aligns with a recent trend of court rulings in favour of the cryptocurrency sector. A court gave Ripple Labs, Inc. a partial win over the SEC in July, asserting that its token, XRP, is not a security when sold to the general public.

Ramaswamy emphasizes the importance of clear regulations for the industry. His support for Bitcoin has been consistent and he often criticizes central bank digital currencies (CBDCs) and the Biden administration’s proposed excise tax on Bitcoin miners.

U.S. Should Not Create Digital Dollar

The Republican candidate has previously said that Thomas Jefferson would be a Bitcoin miner if he were alive today. He’s also said the US government should not create a digital dollar. He believes that a digital dollar would be weaker than the current dollar and would give the government too much control over people’s finances.

It’s telling that Janet Yellen is pushing for the US to adopt CBDCs, begging Americans to keep up with the Jinpings. No. CBDCs are just the latest trojan horse of the Great Reset and are a clear path to a social credit system that will permanently embed ESG into our currency… pic.twitter.com/ZyMglMKe3O

— Vivek Ramaswamy (@VivekGRamaswamy) August 8, 2023

Ramaswamy’s endorsement of Bitcoin goes beyond words with his campaign website accepting donations in Bitcoin, Dogecoin, Shiba Inu, and several other altcoins.