U.S. presidential candidate Vivek Ramaswamy praised Grayscale’s recent victory over federal securities regulators, arguing that the decision will help prevent bitcoin and blockchain innovation from going overseas.

on August 30 postal The pro-Bitcoin Republican candidate launched an attack on the “shadow” US government on X (formerly Twitter), blaming the rogue actions of “three-letter government agencies” (presumably the Securities and Exchange Commission).

This has led to U.S. courts being the last line of defense to help cryptocurrency innovators stay in the country, Ramaswamy said, adding that it should never have reached the courts in the first place.

Ramaswamy explained: “This decision is powerful and clears the way for keeping bitcoin and blockchain innovation in the US rather than overseas.”

Ramaswamy added that if elected, he would repeal all federal regulations that failed the Supreme Court test in West Virginia v. EPA, a move that could limit the SEC’s excessive intervention in the industry, depending on crypto. Does the currency fit the scope teachings of the main question.

However, the question of whether this principle applies to the cryptocurrency industry is currently being tested in U.S. courts. While several amicus briefs were filed in support of Coinbase making the same argument, a recent court hearing in the Terraform Labs case ruled that the principle does not apply to crypto tokens because their economic impact is not significant enough.

Ramaswamy is one of three presidential candidates still in the running, the other two being people who have shown public support for the cryptocurrency industry, the other two being Robert Kennedy Jr. and Ron DeSantis.

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

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

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Grayscale Investments’ most recent court victory over the SEC on Aug. 29 was hailed as a victory for the cryptocurrency space, and a bitcoin ETF in particular.

The price of BTC jumped 7.3% to $27,940 before cooling down to $27,200 at the time of writing, according to Several Bloomberg analysts noted that Grayscale’s victory increases the likelihood of a spot bitcoin ETF being approved by the end of 2023.

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