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.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
More from Politics
Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.