Asset management company Grayscale’s recent legal victory against the US Securities and Exchange Commission (SEC) has caught the attention of not only the cryptocurrency industry, but also the 2024 US presidential candidates. Republican presidential candidate Vivek Ramaswamy has expressed his bullish view on Bitcoin in the wake of this legal development.
In a post on Twitter, Ramaswamy stated that the court’s recent decision in the Grayscale case strengthens the path to Bitcoin preservation and blockchain innovation in the United States. However, he also believes that such matters should not be decided in the courts.
According to the court’s ruling, the legal battle between Grayscale and the SEC over the approval of bitcoin-related products such as futures and spot exchange-traded funds (ETFs) of the digital currency was without justification. The win for Grayscale is part of a trend in which courts have supported the cryptocurrency sector in recent months. In addition to the Grayscale case, a court ruled in favor of Ripple in July, ruling that the digital currency is not a security.
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Ramaswamy’s comments echo sentiments expressed by cryptocurrency industry leaders who have warned against the SEC’s approach of regulation by enforcement. They argue that such an approach could lead cryptocurrency businesses and innovators to seek more favorable regulatory environments abroad.
These views also echo those of some Republican members of Congress who have called for SEC Chairman Gary Gensler to be removed from office; Because they fear that his actions may inadvertently push the digital currency industry towards countries like China.
Ramaswamy, like the team at Coinbase and other exchanges, emphasizes the need for greater regulatory clarity and is vocal in his support for Bitcoin. He has also criticized the Biden administration’s efforts to impose a 30 percent tax on Bitcoin miners.
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