Bitcoin’s Importance in US Presidential Elections After Grayscale’s Win

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Vivek Ramaswamy, who wants to be the Republican Presidential candidate, said that the court’s decision about Grayscale makes it easier for more new and creative things to happen with Bitcoin.

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Grayscale, the company that won against the US SEC on Tuesday, has made people, including those running for the US Presidential Election in 2024, talk about Bitcoin. One of the Republican candidates, Vivek Ramaswamy, recently said he’s positive about Bitcoin.

He shared his doubt about the government and said that the “shadow government” in Washington is acting without limits. Ramaswamy, a conservative businessperson, thinks that the federal courts are the last defense against government agencies’ actions that aren’t right. The situation with Grayscale showed that the court agrees with this idea.

On Wednesday, Ramaswamy posted on Twitter saying, “This decision is strong and paves the way to keep Bitcoin and blockchain innovation in the US instead of in other countries. But this issue shouldn’t have gone to the courts at all.”

Grayscale’s lawsuit said that the SEC approved other Bitcoin products like future ETFs, but they didn’t have a good reason to reject spot Bitcoin ETFs.

US Courts Showing Support for Bitcoin and Cryptocurrency

As noted by Vivek, the past few months have seen courts favoring the crypto field. Besides calling the SEC’s rejection of Grayscale’s ETF “random and unpredictable,” the legal system also supported Ripple in July. The court stated that XRP doesn’t count as a security.

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Vivek’s thoughts match the feelings of leaders in the crypto world. They’ve warned against the SEC’s method of “regulation by punishment,” saying it might make crypto businesses look for better conditions in other countries.

These thoughts are similar to what some Republican congress members believe about cryptocurrencies. A few of them have openly asked for the removal of SEC Chairman Gary Gensler. In April, Representative Tom Emmer said Gensler’s actions could lead the crypto industry to China.

Like Coinbase and other exchanges, Vivek wants clearer rules. He’s been open about supporting Bitcoin. At Bitcoin 2023, he didn’t like central bank digital currencies (CBDCs) and criticized the Biden administration’s 30% tax idea for Bitcoin miners.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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