Bitcoin to Take Centre Stage In US Presidential Elections After Grayscale Victory

Bhushan Akolkar
August 31, 2023
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Grayscale’s victory over the US SEC on Tuesday has got everyone talking about Bitcoin including candidates for the U.S. Presidential Election 2024. Republican Presidential candidate Vivek Ramaswamy recently shared his bullish view on Bitcoin.

Sharing his skepticism towards the government, the conservative businessperson asserts that the “shadow government” in Washington is operating without restraint. According to the entrepreneur, federal courts represent the final defense against the “unlawful rogue actions” of government agencies identified by acronyms. In the situation involving Grayscale, the court’s decision validated this stance.

In his Wednesday Twitter post, Ramaswamy said: “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.”

In their lawsuit, Grayscale accused the SEC of approving other Bitcoin products like the future ETFs while having no grounds for rejection for the spot Bitcoin ETFs.

US Courts Favoring Bitcoin and Crypto

As pointed out by Vivek, recent months have witnessed courts siding with the cryptocurrency sector. In addition to deeming the SEC’s rejection of Grayscale’s ETF as “arbitrary and capricious,” the judicial system also favored Ripple in July. The court also asserted that XRP does not qualify as a security.

Vivek’s observations also align with the sentiments expressed by various leaders within the cryptocurrency industry. They have repeatedly cautioned against the SEC’s approach of “regulation by enforcement,” emphasizing that it could prompt crypto businesses and innovators to seek more favorable environments overseas.

These viewpoints also mirror the opinions expressed by a group of Republican congressmen supportive of cryptocurrencies. Some of these congressmen have openly called for the removal of SEC Chairman Gary Gensler from his position. In an exchange with Gensler in April, Representative Tom Emmer (R-MN) described him as an “incompetent cop on the beat”. Emmer suggested that his actions could inadvertently push the crypto industry toward communist China.

Just like Coinbase and other exchanges, Vivek stresses the need to attain greater regulatory clarity. Vivek has been quite vocal about his support for Bitcoin. During Bitcoin 2023, he expressed his disapproval of CBDCs and strongly criticized the Biden administration’s efforts to impose a 30% excise tax on Bitcoin miners.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.