Vivek Ramaswamy, a pro-Bitcoin presidential candidate, commends Grayscale’s win for Bitcoin and blockchain innovation in the US.

Vivek Ramaswamy, a pro-Bitcoin presidential candidate, commends Grayscale's win for Bitcoin and blockchain innovation in the US.

Vivek Ramaswamy’s Pro-Crypto Stance Shakes Up 2024 Election Discourse

Republican Presidential candidate Vivek Ramaswamy recently praised Grayscale’s legal win against the Securities and Exchange Commission (SEC), highlighting its significance in keeping Bitcoin and blockchain innovation within the United States. Grayscale’s victory involved the denial of its Bitcoin Trust conversion into an Exchange-Traded Fund (ETF). The court’s decision criticizing the SEC’s rejection as arbitrary and capricious showcases the judiciary’s role in checks and balances against government agencies.

Ramaswamy, in a post on X, expressed his concerns about an “out of control” shadow government in Washington and emphasized the importance of federal courts as a defense against unlawful behavior by government agencies. He sees the Court’s ruling as a positive step towards retaining Bitcoin and blockchain innovation in the US instead of overseas. However, he criticized the need for litigation and attributed it to the SEC’s enforcement-focused regulation approach.

As part of his candidacy promises, Ramaswamy pledged to rollback federal regulations that do not meet the Supreme Court test set in the West Virginia v EPA case. This precedent limits regulators’ authority to regulate “major questions” unless explicitly granted by Congress. If deemed a “major question,” this limitation could potentially reduce the SEC’s oversight in the crypto industry.

Ramaswamy’s pro-crypto stance aligns with the sentiment of many stakeholders critical of the SEC’s approach to crypto regulation. It also reflects the increasing prominence of the crypto industry in the lead-up to the 2024 elections.

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The Crypto-Focused Vision of Vivek Ramaswamy

Vivek Ramaswamy, at the age of 38, has positioned the 2024 election as a decisive “referendum on fiat currency.” He has voiced strong criticism against Central Bank Digital Currencies (CBDCs) and vehemently denounced the Biden administration’s proposed 30% excise tax on Bitcoin miners. His support for the cryptocurrency sector is so evident that he even suggests Thomas Jefferson, if alive today, might have been involved in Bitcoin mining.

Ramaswamy’s perspective revolves around safeguarding the integrity of the US dollar by firmly opposing its potential digitization. Among the remaining presidential candidates, he is one of three who openly endorse the crypto industry, joining the ranks of Robert Kennedy Jr. and Ron DeSantis.

The endorsement of Bitcoin and acceptance of various altcoins for campaign donations in late May has solidified Ramaswamy’s crypto support. Tesla’s CEO, Elon Musk, even praised him as a “very promising candidate.”

Grayscale Investments’ recent legal victory against the SEC on August 29 has marked a significant milestone for the cryptocurrency space, particularly for Bitcoin Exchange-Traded Funds (ETFs). Analysts at Bloomberg predict that Grayscale’s win improves the chances of obtaining approval for spot Bitcoin ETFs by the end of 2023.

This legal victory highlights the growing influence and importance of the crypto industry, not only in financial markets but also in political discourse. The outcome of these legal battles and the stance of political candidates like Ramaswamy may reshape the landscape of cryptocurrency regulation and innovation in the United States.

By recognizing the potential value and impact of blockchain and cryptocurrencies, politicians like Ramaswamy are aiming to harness their benefits, keep innovation within the country, and drive the narrative surrounding the future of finance.

Conclusion

Vivek Ramaswamy’s pro-crypto stance has injected new energy into the discourse surrounding the 2024 US presidential election. With his critique of central bank digital currencies and his commitment to preserving the US dollar’s integrity, Ramaswamy has captured the attention and support of crypto enthusiasts, including influential figures like Elon Musk.

The recent legal victory of Grayscale Investments against the SEC further strengthens the case for cryptocurrencies, particularly Bitcoin, and raises the prospects of obtaining approval for spot Bitcoin ETFs in the coming years. These developments highlight the increasing significance of the crypto industry, both economically and politically.

As the race for the presidency unfolds, the role of blockchain technology and cryptocurrencies is likely to dominate the conversation. Candidates who embrace these emerging technologies may not only shape the future of finance but also secure the support of a rapidly growing community.

Cryptocurrency enthusiasts and investors will be watching closely to see how candidates like Vivek Ramaswamy navigate the complex landscape of blockchain and digital assets. Their policies and positions could determine the regulatory environment and the direction of innovation in the crypto industry for years to come.

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