- The pro-Bitcoin US presidential candidate brought up the issue of a “shadow” government
- Courts have become “the last line of defense” before crypto innovators leave the US
US presidential candidate for the Republican Party Vivek Ramaswamy has praised Grayscale’s recent win over the Securities and Exchange Commission, assuring the court’s judgment would help keep Bitcoin and blockchain innovation in the US, Cointelegraph reported, citing an Aug. 30 post on X (formerly Twitter).
“Rogue” SEC is behaving illegally
The pro-Bitcoin US presidential candidate brought up the issue of a “shadow” government, blaming crypto winter on the illegal rogue behaviors of federal agencies. It is assumed he means the SEC.
The Republican added this form of unacceptable behavior has resulted in the justice system becoming “the last line of defense” before cryptocurrency innovators leave the US for good.
He said the case should never have reached the courts, calling the Grayscale win a strong decision that “clears a path to keep Bitcoin and blockchain innovation in the US instead of overseas.”
Backtracking on federal laws under W. Virginia vs. EPA
If elected, Ramaswamy pledges to backtrack on all federal laws that don’t comply with the outcome of the Supreme Court’s test in the West Virginia vs. EPA case. The 2022 case was a landmark decision of the Supreme Court relating to the Clean Air Act, and the extent to which the Environmental Protection Agency can regulate carbon dioxide emissions related to climate change.
This move might limit the SEC’s industry influence depending on whether cryptocurrency is considered to fall in the scope of the doctrine. US courts are currently testing whether the 2022 judgment applies to the crypto industry.
There has been some legal support for Coinbase making the same argument, but a court recently ruled in the Terraform Labs case that it didn’t apply to crypto because the industry was not strong enough economically.
Candidate has support from the top
Elon Musk has lauded Ramaswamy for his pro-crypto stance, stating that he is a “very promising candidate.” The Republican underdog started accepting donations in Bitcoin in late May. He is one of three US presidential candidates in favor of crypto, the others being fellow Republican Ron DeSantis and Democratic candidate Robert F. Kennedy Jr.
