GOP’s Vivek Ramaswamy Calls Out SEC After Grayscale Bitcoin Win 

Vivek Ramaswamy endorses Bitcoin innovation following Grayscale’s SEC win.

Currently, Ramaswamy is one of the frontrunners in the Republican primaries. 

Crypto traders showed excitement over major candidate support. 

While US Securities and Exchange Commission (SEC) crypto crackdown continues, its decisions are not without challenge. In a recent tweet, GOP candidate Vivek Ramaswamy criticized the SEC and suggested that the agency drives innovation overseas. 

GOP Candidate Vivek Ramaswamy Calls Out the SEC

On Wednesday, August 30, the GOP candidate Vivek Ramaswamy called out the SEC after the agency received an unfavorable decision in a Grayscale petition against it. In his tweet, Ramaswamy called the courts the “only remaining line of defense” against rogue behaviors of three-letter government agencies like the SEC. 

He further stated that the decision to clear a path for Bitcoin and blockchain innovation is strong but should have never reached the courts in the first place. 

The court ruled that the Securities and Exchange Commission (SEC) failed to explain its disparate treatment of a Bitcoin Exchange-Traded Fund (ETF). The court found the SEC’s denial to be “arbitrary and capricious” and didn’t adhere to the basic principle that similar cases should be treated similarly. 

In response to the decision, Ramaswamy also pledged that on Day 1 of his term, he would rescind all federal regulations that fail the Supreme Court’s test in “West Virginia vs. EPA.” The landmark 2022 decision by the US Supreme Court directly challenged the Environmental Protection Agency’s (EPA) authority to regulate emissions. According to Vivek, most federal regulations fail to meet the standards set in the ruling. 

In the GOP primary, Ramaswamy is currently polling at 6.1%, behind only Trump (54.2%) and DeSantis (15.1%). His endorsement adds political weight to the crypto narrative. 

Vivek Ramaswamy and GOP’s Pro-Crypto Stance

Ramaswamy is not alone in his pro-crypto advocacy within the GOP. Florida Governor and presidential candidate Ron DeSantis has strongly advocated the cryptocurrency industry. In May 2022, he signed legislation that eased restrictions on Florida’s crypto industry.

DeSantis has also proposed letting businesses pay state fees with crypto and suggested exploring blockchain technology for car titles. 

On the Flipside

GOP frontrunner Donald Trump had criticized Bitcoin in the past. However, he has also launched his own NFT collection in December 2022. 

On the Democratic side, President Joe Biden has taken a more cautious approach toward crypto. In May 2023, Biden placed crypto at the center of a bipartisan dispute, claiming there are tax loopholes that need to be addressed. 

Why You Should Care

Understanding political narratives around crypto can help traders anticipate potential regulatory changes as crypto becomes a bipartisan contention. 

Read more about Grayscale’s major legal win against the SEC: 

Grayscale Trumps SEC in Bitcoin ETF Case: What Next?

Read more about Binance cutting support for BUSD: 

The End of BUSD on Binance: What Holders Need to Know