United States presidential candidate Vivek Ramaswamy has lauded Grayscale’s recent victory over the federal securities regulator, arguing the decision will help keep Bitcoin and blockchain innovation from going overseas.
In an Aug. 30 post on X (formerly Twitter), the pro-Bitcoin Republican candidate took shot at a “shadow” U.S. government, pointing the blame toward the “unlawful rogue behaviors of “3-letter government agencies” — presumably the Securities and Exchange Commission.
Ramaswamy said this has led to the U.S. courts serving as a last line of defense to help keep cryptocurrency innovators in the country, adding that it shouldn’t have reached the courts in the first place.
“This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S. instead of overseas,” Ramaswamy explained.
The shadow government in D.C. is out of control & the federal courts are our *only* remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies. This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S.… https://t.co/FsykKyQEVG
Ramaswamy added that if elected, he would rescind all federal regulations that fail the Supreme Court’s test in the West Virginia vs. EPA case — a move that could potentially limit the SEC’s overreach on the industry, depending if crypto qualifies as falling under the major questions doctrine.
However, the question as to whether the doctrine applies to the crypto 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 the doctrine doesn’t apply to crypto tokens because its economic implications aren’t significant enough.
Ramaswamy is one of three presidential candidates still in the running who has shown outward support for the crypto industry, along with Robert Kennedy Jr. and Ron DeSantis.
Tesla CEO and multibillionaire Elon Musk recently praised Ramaswamy for his acceptance of Bitcoin and pro-crypto advocacy, adding that he stands as a “very promising candidate.“
Grayscale Investments’ recent court victory against the SEC on Aug. 29 was lauded as a win for the cryptocurrency space and Bitcoin ETFs in particular.
BTC’s price increased 7.3% to $27,940 before cooling off to $27,200 at the time of writing, according to CoinGecko, while several analysts from Bloomberg noted that Grayscale’s win increases the likelihood of spot Bitcoin ETFs being approved by the end of 2023.
Sparkassen-Finanzgruppe execs once ruled out adopting crypto over concerns of volatility and risk, and the banking giant also blocked customer crypto transactions back in 2015.
Sir Keir Starmer continues to face the threat of a major rebellion during a key vote on welfare reforms later – despite making last-minute concessions to disgruntled Labour MPs.
Work and Pensions Secretary Liz Kendall has confirmed that all existing claimants of the personal independence payment (PIP), the main disability benefit, will be protected from changes to eligibility.
The combined value of the standard Universal Credit allowance and the health top-up will rise “at least in line with inflation” every year of this parliament.
And an additional £300m for employment support for sick and disabled people in 2026 has been announced, which will rise every year after.
Please use Chrome browser for a more accessible video player
10:54
Welfare cuts ‘needed to be made’
Ms Kendall has also promised that a consultation into PIP – “co-produced” with disabled people – will be published next autumn.
She said the U-turn on welfare cuts will cost taxpayers about £2.5bn by 2030 – less than half the £4.8bn the government had expected to save with its initial proposals.
But after announcing the U-turns, Labour MPs were still publicly saying they could not back the plans as they do not go far enough to allay their concerns.
Disabilities minister Stephen Timms would not say he was “confident” the proposals would pass the Commons when asked on Sky News’ Politics Hub with Sophy Ridge.
“We’ve got a very strong package, I certainly hope it passes,” he replied.
Please use Chrome browser for a more accessible video player
1:49
‘Disabled people thrown under the bus’
A total of 86 charities united yesterday to call on MPs to reject the reforms, saying they will harm disabled people and calling it “a political choice”.
The likes of Oxfam, Child Action Poverty Group, Mind and Shelter said the bill has been brought to a vote without consulting disabled people and without any assessment “of its impact on health and employment outcomes”.
When asked to name “a single” disability organisation in favour of the reforms, Ms Kendall declined to do so.
Several Labour MPs indicated they would still vote against the changes, leaving the government in the dark over how big a rebellion it still may face.
Ms Kendall tried to allay their fears, telling MPs: “I believe we have a fair package, a package that protects existing claimants because they’ve come to rely on that support.”
Richard Burgon presented a petition to parliament yesterday evening against the cuts, signed by more than 77,000 people.
Several Labour MPs questioned why the vote was going ahead before the review into PIP is published – including Rachael Maskell, who said she could not “countenance sick and disabled people being denied support” and added: “It is a matter of conscience.”
Connor Naismith said the concessions “undoubtedly improve efforts to secure welfare reform which is fair”, but added: “Unfortunately, I do not believe these concessions yet go far enough.”
Image: Labour rebel Nadia Whittome said the government was ‘ignoring’ disabled people
Nadia Whittome accused the government of “ignoring” disabled people and urged ministers to go “back to the drawing board”.
Ian Byrne told the Commons he will vote against the “cruel cuts” to disability benefits because the “so-called concessions go nowhere near far enough”.
The vote will take place this evening, with coverage on Sky News’ Politics Hub live blog and on TV.