Grayscale’s court win over the U.S. securities regulator will help keep crypto innovation in America, Republican presidential hopeful Vivek Ramaswamy is convinced. While praising the “strong decision,” Ramaswamy also commented that the case should have never reached the courts.
Federal Courts Are the Only Line of Defense Against Shadow Government, Ramaswamy Says
The court ruling in the case of Grayscale Investments against the U.S. Securities and Exchange Commission (SEC) clears a path to keep Bitcoin and blockchain innovation in America, according to Vivek Ramaswamy, a candidate for the Republican Party’s nomination for the 2024 presidential election in the United States.
Ramaswamy took to social media to share his thoughts on the recent decision of the U.S. Court of Appeals for the District of Columbia Circuit in favor of the largest crypto asset manager. Grayscale had challenged the SEC’s move to deny the conversion of its bitcoin trust (GBTC) to a spot bitcoin exchange-traded fund (ETF).
“The shadow government in D.C. is out of control,” the conservative runner for the White House stated in a post on X, formerly Twitter. In his view, the federal courts are now the only remaining line of defense “against the unlawful rogue behaviors of 3-letter government agencies.”
In his tweet on Wednesday, the entrepreneur described the decision as “strong” and emphasized that it “clears a path to keep Bitcoin & blockchain innovation in the U.S. instead of overseas.” At the same time, he expressed his opinion that the case “should have never reached the courts in the first place.”
Ramaswamy vowed that “On Day 1, I will rescind *all* federal regulations that fail the Supreme Court’s test in West Virginia vs. EPA – which quite literally includes *most* federal regulations,” referring to a landmark decision on the extent to which the Environmental Protection Agency can regulate carbon dioxide emissions.
Amid an ongoing regulatory crackdown, including a number of lawsuits involving the SEC, other government agencies, and major crypto companies such as Binance and Coinbase, U.S. authorities have been criticized for employing a “regulation by enforcement” approach regarding the crypto industry. The U.S. judiciary has recently sided with the sector in another case, that of the SEC against Ripple.
Vivek Ramaswamy, who announced his presidential candidacy in February 2023, is one of several crypto-friendly runners, including Republican Governor of Florida Ron DeSantis who has promised to protect people’s rights to use bitcoin. Both have also spoken against central bank digital currency (CBDC) describing it as a “threat to liberty” in America.
Do you agree with Vivek Ramaswamy’s comments on Grayscale’s court victory? Share your thoughts on the case in the comments section below.