July 16, 2024
Crypto and the Shadow Government: Ramaswamy's Stance
Latest Cryptocurrency News

Crypto and the Shadow Government: Ramaswamy’s Stance

Vivek Ramaswamy, a Republican running for president, is optimistic about bitcoin, particularly in light of Grayscale’s significant court victory over the Securities and Exchange Commission (SEC) on Tuesday.

The conservative entrepreneur, who has always been skeptical of the state, asserts that Washington’s “shadow government” is “out of control” and that federal courts are the only safeguard against “the unlawful rogue behaviors of three-letter government agencies.” In Grayscale’s case, the judge made a decision.

“This decision is strong and clears a path to keep Bitcoin and blockchain innovation in the U.S. instead of overseas. But this should have never reached the courts in the first place,” Ramaswamy tweeted on Wednesday.

In its lawsuit, Grayscale claimed that the SEC had unjustly rejected its application for an ETF while having approved several other products that were identical in terms of Bitcoin futures ETFs.

Courts have recently been on cryptocurrency’s side, as Vivek pointed out. In addition to finding that the SEC’s rejection of Grayscale’s ETF was “arbitrary and capricious,” the judiciary sided with Ripple over the SEC in July by finding that XRP is not a security.

Vivek’s remarks reaffirm those of prominent figures in the cryptocurrency sector who have frequently cautioned that the SEC’s “regulation by enforcement” strategy will frighten away crypto firms and innovators abroad.

They also represent the opinions of a few Republican congressmen who back cryptocurrencies and want Gary Gensler, the chairman of the Securities and Exchange Commission, dismissed. Gensler was criticized by Rep. Tom Emmer (R-MN) in April for being an “incompetent cop on the beat” and for promoting cryptocurrency in communist China.

Like Ramaswamy, Coinbase is aware that in order to build an accurate picture of how cryptocurrency relates to securities legislation, it will need to obtain clarity from the courts.

Vivek has wasted little time praising Bitcoin during his campaign, as is becoming more and more usual for political candidates. He lambasted CBDCs at Bitcoin 2023 and denounced the Biden administration’s efforts to impose a 30% excise tax on Bitcoin miners. At the time, he stated, “I have little doubt that Thomas Jefferson would be mining for Bitcoin today.

However, Vivek has also resisted the idolatry that some crypto aficionados have for the commodity. Saifedean Ammous, the author of the Bitcoin Standard, underlined that not all issues revolve around the printing of money in an interview with him earlier this year.

“It’s a problem, but there are so many other problems that have nothing to do with this,” he said to the writer.

Image: Wikimedia Commons

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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