United States presidential candidate Vivek Ramaswamy has praised the recent Grayscale’s legal victory over the federal securities regulator, claiming that this outcome will be key in retaining Bitcoin and blockchain innovation within the country’s boundaries. Ramaswamy, a pro-Bitcoin Republican contender, criticized the “shadow” US government in a recent X post. He blamed “unlawful rogue behaviors” of specific “3-letter government agencies,” likely the SEC, for making US courts the final defense for crypto innovation, which he finds unnecessary.
Ramaswamy emphasized that the court’s decision strengthens the potential for Bitcoin and blockchain advancement to remain in the United States, preventing its relocation overseas. He promised that, if elected, he would reject federal regulations failing the Supreme Court’s benchmark, potentially denying the SEC’s regulatory overreach, provided crypto fits under the major questions philosophy.
However, the applicability of this declaration to the crypto sector is currently inquired in U.S. courts. Despite support for Coinbase’s argument through various amicus briefs, a recent court hearing related to Terraform Labs concluded that the declaration doesn’t apply to crypto tokens due to their limited economic significance.
Among the three remaining presidential candidates, Ramaswamy is notable for his public support for the crypto industry, alongside Robert Kennedy Jr. and Ron DeSantis. Elon Musk, Tesla’s CEO, commended Ramaswamy’s pro-crypto stance, labeling him a “very promising candidate.” Ramaswamy further embraced the crypto realm by accepting Bitcoin donations for his campaign starting in late May.
Recently in a report by Todayq News on July 19, 2023, the pro-Bitcoin and Democratic presidential candidate Robert F. Kennedy Jr. has suggested using Bitcoin to support the U.S. Dollar, starting with a small 1% backing of assets like gold, silver, and platinum, or Bitcoin.
The aim is to exempt Bitcoin profits from capital gains taxes and introduce favorable policies for the cryptocurrency. Kennedy argues that fiat currency was designed to fund wars and prefers hard assets to prevent unchecked money printing and hidden inflation taxes.