US Presidential Candidate Grayscale’s Victory Clears the Way for Bitcoin Innovation

US Presidential Candidate Grayscale Paves Path for Bitcoin Innovation

Author: Brayden Lindrea, Cointelegraph; Translation: Song Xue, LianGuai

US presidential candidate Vivek Ramaswamy praised Grayscale for recently defeating the federal securities regulator, believing that this decision will help prevent Bitcoin and blockchain innovation from going overseas.

In an article published on X (formerly known as Twitter) on August 30, this Republican candidate who supports Bitcoin attacked the “shadow” US government and blamed the “illegal rogue behavior of the” three-letter government agency “- probably the US Securities and Exchange Commission.

He stated that this has led to US courts becoming the last line of defense for helping cryptocurrency innovators stay in the country, and added that it should never have reached the court in the first place. “This decision is powerful and paves the way for Bitcoin and blockchain innovation to stay in the United States rather than overseas.”

He added that if elected, he would repeal all federal regulations that failed to pass the Supreme Court test in the ELianGuai case in West Virginia, which could limit the SEC’s excessive intervention in the industry, depending on whether cryptocurrencies comply with the main issue principle.

However, whether this principle applies to the cryptocurrency industry is currently being tested in US courts. Although several friend-of-the-court briefs have been submitted to support Coinbase’s argument, the recent Terraform Labs case ruled in a court hearing that this principle does not apply to cryptocurrencies because their economic impact is not significant enough.

Ramaswamy is one of the three presidential candidates still in the race, the other two openly supporting the cryptocurrency industry, Robert F. Kennedy Jr. and Ron DeSantis.

Tesla CEO and billionaire Elon Musk recently praised Ramaswamy for accepting Bitcoin and supporting cryptocurrencies, adding that he is a “very promising candidate.”

In late May, presidential candidates began accepting Bitcoin as campaign donations.

Grayscale recently won against the SEC in court on August 29, which is considered a victory for the cryptocurrency field, especially for Bitcoin ETFs.

According to CoinGecko, the price of BTC rose 7.3% to $27,940, then dropped to $27,200 at the time of writing this article, and several analysts from Bloomberg pointed out that Grayscale’s victory increases the possibility of spot Bitcoin ETF approval by the end of 2023.