2024 Candidate Supports Bitcoin After Grayscale’s SEC Win

Grayscale’s victory over the SEC on Tuesday has everyone, including candidates for the 2024 U.S. presidential election talking about Bitcoin.

Recently, Republican presidential candidate Vivek Ramaswamy expressed a favorable outlook on Bitcoin. Consistent with his skepticism of the government, the conservative businessperson asserts that Washington’s “shadow government” operates without restraint.

According to the entrepreneur federal courts are the last line of defense against “illegal rogue actions” by government agencies whose names are abbreviated. In the case of Grayscale, the court’s ruling validated this position.

In a Wednesday tweet Ramaswamy stated, “This decision is strong and clears the way for Bitcoin and blockchain innovation to remain in the United States. However, this matter never should have reached the courts in the first instance.

Grayscale alleged in its lawsuit that the SEC approved other Bitcoin products, such as futures ETFs, despite having no grounds for rejecting spot Bitcoin ETFs.

According to Vivek, in recent months, courts have sided with the cryptocurrency industry. In addition to finding the SEC’s rejection of Grayscale’s ETF to be “arbitrary and capricious,” the legal system sided with Ripple in July.

In addition, the court ruled that XRP does not constitute a security. Vivek’s observations align with the sentiments expressed by numerous cryptocurrency industry leaders.

They have repeatedly cautioned against the SEC’s “regulation by enforcement” approach, emphasizing that it could cause crypto businesses and innovators to seek out more favorable environments abroad.

These views parallel those expressed by a group of Republican congressmen who support cryptocurrencies. Some of these congressmen have publicly demanded that SEC Chairman Gary Gensler be removed from his position.

In an exchange with Gensler, Representative Tom Emmer referred to him as an “incompetent beat cop. Emmer implied that his actions could inadvertently drive the crypto industry into communist China.

Vivek, like Coinbase and other exchanges, emphasizes the need for more regulatory clarity. Vivek has demonstrated his support for Bitcoin in a very vocal manner.

Throughout Bitcoin 2023 he criticized CBDCs and the Biden administration effort to impose a 30% excise tax on Bitcoin miners.