The recent courtroom success of Grayscale Investments in its wrangle with the SEC has been roundly praised by Vivek Ramaswamy—a Republican Presidential candidate and influential crypto figure. Ramaswamy perceives the decision as a key defense to ensure that blockchain and Bitcoin innovation remain in the United States, rather than being pushed overseas. However, his positive spin on the court’s ruling doesn’t overlook the critical issue that it should never have been a court matter in the first place.
Ramaswamy has openly criticized what he denotes as the ‘shadow government’, run amok in the capital. For him, federal courts represent the last stand against what he perceives as unchecked ‘rogue behaviors’ by government agencies. The situation with Grayscale only serves to highlight these concerns, being a stark illustration of the contentious approach of regulation by enforcement preferred by the SEC.
As a solution, Ramaswamy has pledged to prioritize the rollback of federal rules that fail to meet the rigorous Supreme Court tests, as per the West Virginia v EPA case. Some foresee this to be a beneficial move for the crypto world, potentially limiting the SEC’s grip over this emerging market.
The issue takes on added significance as we approach the 2024 elections. Ramaswamy presents the race as a ‘referendum on fiat currency’, signaling his staunch opposition to Central Bank Digital Currencies (CBDCs) and a proposed Bitcoin mining tax. He has proposed an interesting viewpoint in which he claims that even Thomas Jefferson might have gotten his hands dirty with Bitcoin mining in modern times.
This political figure arguably stands among the forward-thinking leaders embracing the potentialities of the crypto market. With expressed support from none other than Elon Musk himself, Ramaswamy is one of three presidential candidates openly endorsing the cryptocurrency industry, alongside Robert Kennedy Jr. and Ron DeSantis.
His advocacy stretches beyond mere words, with his campaign accepting donations in multiple altcoins, including Bitcoin, Dogecoin (DOGE), and Shiba Inu (SHIB) as of late May. Undoubtedly, this week’s Grayscale victory serves further to promote the prospects for Bitcoin ETFs, while keeping the broader cryptocurrency conversation at the forefront of upcoming election debates. Nevertheless, the ongoing struggle for regulation continues to raise questions about the role of government action and oversight within this rapidly-developing market.
Source: Cryptonews
