This US Presidential Candidate Applauded Recent Crypto Ruling Amid Growing Election Momentum

The US presidential candidate Vivek Ramaswamy applauded the recent Grayscale victory in the federal court. He tweeted, “This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the US instead of overseas.”

The ruling recently granted Grayscale Investments to revisit a Securities and Exchange Commission (SEC) order, leading to the reversal of a listing block.

Ramaswamy Puts His Trust in Federal Courts for Crypto Innovation

The US presidential candidate Vivek Ramaswamy believes that the federal courts are the final barrier against the overreach of government agencies. Ramaswamy condemned what he referred to as the “shadow government” in Washington, DC.

He emphasized that the recent court decision paves the way for Bitcoin and blockchain innovations to thrive within the US borders. However, he lamented that such matters should never have reached the courts, promising to eliminate such regulations.

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Ramaswamy stated, “On Day 1, I will rescind *all* federal regulations that fail the Supreme Court’s test in West Virginia vs. EPA – which quite literally includes *most* federal regulations. We’ll get it done.”

The judgment by the Court of Appeals for the DC Circuit will allow the listing of Grayscale Bitcoin Trust on the NYSE Arca exchange. Grayscale Investments initially sought to convert its GBTC closed-end fund into an exchange-traded fund (ETF) in October 2021.

Estimate Deadlines for Spot Bitcoin ETF Applications. Source: SEC

Trump Endorses Ramaswamy as Potential VP Candidate

As the 2024 US election race intensifies, Vivek Ramaswamy is trailing closely behind former President Donald Trump. Recently, Trump endorsed Ramaswamy as his vice president candidate. In an interview, Trump noted, “He’s a smart guy. He’s a young guy. He’s got a lot of talent,” added Trump.

The former POTUS also said, “He’s a very, very, very intelligent person. He’s got good energy, and he could be in some form of something. I tell ya, I think he’d be very good. I think he’s really distinguished himself.”

Ramaswamy, an Indian-American candidate, also made headlines as he enlisted Elon Musk as a potential advisor should he secure victory in the 2024 US Election. Reports claim Ramaswamy’s mention of Elon Musk stemmed from his belief in the Tesla chief’s innovative prowess.

Meanwhile, the global status of the US dollar as the reserve currency has been a matter of debate. Last month, former President Trump highlighted the dollar’s weakening stature. It spurred anticipation within the crypto community that Bitcoin could emerge as a viable alternative.

The Federal Trade Commission (FTC) recently cautioned consumers about the growing trend of scammers demanding payment in cryptocurrencies. Despite the need for comprehensive regulation in this sector, a legislative framework is yet to make its way out of Congress.

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