Republican nominee Ramaswamy promises to keep crypto innovation alive in the U.S. after Grayscale's victory
Date: 2023-08-31 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Ramaswamy, as the Republican Party's presidential nominee, is optimistic about the future of Bitcoin (BTC), and sees Grayscale's victory as a promising indicator of United States cryptocurrency innovation. This was announced on August 30 by his official X account on VKontakte.
Ramaswamy declared regulatory bodies such as the Securities and Exchange Commission (SEC) to be the shadow government of the country. He said they were out of control. According to him, federal courts are the only way to protect against the fraudulent behavior of these government agencies.
The presidential candidate noted that the court's decision "offers a decisive and strong path for saving bitcoin/blockchain innovation outside the US."
Grayscale scored a major legal victory over the SEC, which could not agree to converting its Bitcoin Trust into an ETF. The judges made the decision of the regulator illegal and unconstitutional, obliging them to conduct a thorough review of the application of the crypto investment company.
Despite this, Ramaswami argued that the case should not have gone to court at the beginning and accused the SEC of regulating it through enforcement. If elected, he would, if necessary, promise to strike down most federal regulations for not meeting the West Virginia Supreme Court's test against the EPA.
Ramaswami's remark echoes the sentiments of many stakeholders who criticize the SEC's stance on cryptocurrency regulation. In addition, it highlights the importance of the growing crypto industry ahead of the 2024 elections.
The Republican has become famous for supporting the growing crypto industry and has previously said that Thomas Jefferson would most likely be mining bitcoin if he lived today. Last month, he criticized the US government for considering a digital version of the dollar, arguing that the currency "becomes even stronger" if we protect it from digitization.
Despite this, support for Bitcoin does not exist only among Democrats. For example, Robert Kennedy Jr. is the son of a Republican politician and the fact that he owns the family's assets is proof of that.
