June 24, 2024

Vivek Ramaswamy, a Republican Presidential candidate on Wednesday expressed his bullish stance on Bitcoin BTC/USD, significantly after Grayscale’s court docket conquer the Securities and Alternate Fee (SEC).

What Occurred: Ramaswamy in a publish on X stated that the “shadow authorities” in Washington is “uncontrolled” and  the federal courts are the” solely remaining line of protection” towards the “illegal rogue behaviors of 3-letter authorities companies.”

Within the case of Grayscale, the court docket ruling delivered a powerful choice that Ramaswamy sees as a constructive step in holding Bitcoin and blockchain innovation inside america, relatively than see it migrate abroad.

He posted on X,  “This choice is robust and clears a path to maintain Bitcoin and blockchain innovation within the U.S. as a substitute of abroad. However this could have by no means reached the courts within the first place,” as posted on X on Wednesday.

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Why It Issues: Grayscale had filed a lawsuit towards the SEC, accusing them of arbitrarily rejecting their software for an exchange-traded fund (ETF). The court docket ruling deemed the SEC’s denial of Grayscale’s ETF as “arbitrary and capricious.”

Notably, Ramaswamy has been actively praising Bitcoin throughout his presidential marketing campaign. Talking at Bitcoin 2023, he criticized Central Financial institution Digital Currencies (CBDCs) and condemned the Biden administration’s proposed 30% excise tax on Bitcoin miners. Whereas 

Ramaswamy has brazenly supported Bitcoin, and his marketing campaign web page accepts donations in Bitcoin, Dogecoin DOGE/USD, Shiba Inu SHIB/USD and a number of other different altcoins.

Photograph by Consolidated Information Pictures on Shutterstock

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