Grayscale’s recent victory over the US Securities and Exchange Commission (SEC) has sparked discussions about Bitcoin’s role in the upcoming US Presidential Election in 2024.
Vivek Ramaswamy, a Republican Presidential candidate, shared his optimistic view on Bitcoin, stating that the court ruling paves the way for further innovation in the cryptocurrency space.
Ramaswamy expressed skepticism towards the government, referring to a “shadow government” operating without restraint in Washington. He believes that the federal courts serve as the final defense against the “unlawful rogue actions” of government agencies. The court’s decision in the Grayscale case validated this viewpoint, according to Ramaswamy.
The lawsuit brought by Grayscale accused the SEC of approving other Bitcoin products while unjustly rejecting the spot Bitcoin ETFs. Ramaswamy noted that courts have been favoring the cryptocurrency sector in recent months, as demonstrated by the favorable rulings for Ripple in July.
Ramaswamy’s stance aligns with the concerns expressed by leaders in the cryptocurrency industry, highlighting the need for greater regulatory clarity. Some Republican congressmen have openly criticized SEC Chairman Gary Gensler’s approach to regulation and called for his removal from his position.
Ramaswamy also voiced disapproval of Central Bank Digital Currencies (CBDCs) and the Biden administration’s proposed 30% excise tax on Bitcoin miners. Overall, the court ruling has reignited discussions about the role of Bitcoin in the US Presidential Election and the need for favorable regulatory environments.
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