Vivek Ramaswamy, a Republican Presidential candidate on Wednesday expressed his bullish stance on Bitcoin (CRYPTO: BTC), particularly after Grayscale’s court triumph over the Securities and Exchange Commission (SEC).
What Happened: Ramaswamy in a post on X said that the "shadow government" in Washington is "out of control" and the federal courts are the" only remaining line of defense" against the "unlawful rogue behaviors of 3-letter government agencies."
In the case of Grayscale, the court ruling delivered a strong decision that Ramaswamy sees as a positive step in keeping Bitcoin and blockchain innovation within the United States, rather than see it migrate overseas.
He posted on X, “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,” as posted on X on Wednesday.
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Why It Matters: Grayscale had filed a lawsuit against the SEC, accusing them of arbitrarily rejecting their application for an exchange-traded fund (ETF). The court ruling deemed the SEC’s denial of Grayscale’s ETF as “arbitrary and capricious."
Notably, Ramaswamy has been actively praising Bitcoin during his presidential campaign. Speaking at Bitcoin 2023, he criticized Central Bank Digital Currencies (CBDCs) and condemned the Biden administration’s proposed 30% excise tax on Bitcoin miners. While
Ramaswamy has openly supported Bitcoin, and his campaign page accepts donations in Bitcoin, Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) and several other altcoins.
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