JUST

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Elon Musk

<p class="is-style-lead">Vivek Ramaswamy, a pro-crypto US presidential candidate, applauded the court’s ruling to favor Grayscale. He sees the victory as a watershed moment for the US web3 space.</p> 
<p>In his recent tweet, Ramaswamy criticized the overreach of U.S. regulatory watchdogs, arguing that the court’s ruling now paves the way for domestic Bitcoin (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) and blockchain advancement.&nbsp;</p> 
<p>Ramaswamy has vowed to eliminate federal regulations that don’t meet the standard set by the Supreme Court’s test, which he believes would foster innovation while keeping it on home soil.</p> 
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   <p lang="en" dir="ltr">The shadow government in D.C. is out of control &amp; 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 &amp; blockchain innovation in the U.S.… <a href="https://t.co/FsykKyQEVG" target="_blank" rel="noopener noreferrer nofollow">https://t.co/FsykKyQEVG</a></p>— Vivek Ramaswamy (@VivekGRamaswamy) <a href="https://twitter.com/VivekGRamaswamy/status/1696942250071359619?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 30, 2023</a> 
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<p>Tesla CEO Elon Musk recently praised Ramaswamy’s approach, calling him a “very promising candidate.”&nbsp;</p> 
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   <p lang="en" dir="ltr">He is a very promising candidate <a href="https://t.co/bEQU8L21nd" target="_blank" rel="noopener noreferrer nofollow">https://t.co/bEQU8L21nd</a></p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1692283370779361696?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 17, 2023</a> 
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<h2 class="wp-block-heading" id="grayscale-s-bitcoin-btc-etf-journey">Grayscale’s Bitcoin (BTC) ETF journey</h2> 
<p>Last year, the United States Securities and Exchange Commission (SEC) denied Grayscale’s bid to convert its GBTC product into a spot Bitcoin exchange-traded fund (ETF).&nbsp;</p> 
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   <p lang="en" dir="ltr">🚨 JUST IN 🚨<br><br>The D.C. Circuit ruled in favor of <a href="https://twitter.com/Grayscale?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Grayscale</a> in our lawsuit challenging the SEC's decision to deny <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$GBTC</a>'s conversion to an ETF!<br><br>Thank you to everyone who has been on this journey with us, especially our investors. We are grateful for your support and…</p>— Sonnenshein (@Sonnenshein) <a href="https://twitter.com/Sonnenshein/status/1696530284542660973?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 29, 2023</a> 
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<p>Grayscale <a href="https://twitter.com/Sonnenshein/status/1542311510055292928?t=HxV744HrwLRih9F_V30HEQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">challenged</a> the decision via a lawsuit, and on Aug. 29, a federal appeals court ruled in favor of Grayscale, mandating the SEC to review the conversion application.</p> 
<p>While this decision marks a significant shift, the SEC’s stance on spot Bitcoin ETFs remains unchanged.</p> 
<p> You might also like: <a href="https://crypto.news/ripple-schedules-party-to-celebrate-victory-against-sec/" rel="noopener noreferrer nofollow"> Ripple schedules party to celebrate victory against SEC </a> </p> 
<h2 class="wp-block-heading" id="renewed-investor-optimism-in-crypto">Renewed investor optimism in crypto&nbsp;</h2> 
<p>The recent court ruling in favor of Grayscale has <a href="https://crypto.news/us-congressman-urges-genslers-sec-exit-amid-grayscale-ruling/" rel="noopener noreferrer nofollow">rekindled calls</a> for the removal of SEC Chair Gary Gensler.</p> 
<p>The recent court ruling and XRP’s partial victory over the dreaded watchdog last month is another blow to the SEC’s enforcement-style regulations, suggesting inconsistency and arbitrariness under Gensler’s leadership.&nbsp;</p> 
<p>Market participants in the crypto sphere have reacted optimistically to the recent developments.&nbsp;</p> 
<p>Democratic Party member Rep. <a href="https://crypto.news/u-s-congressman-calls-for-an-end-to-secs-crypto-onslaught/" rel="noopener noreferrer nofollow">Ritchie Torres</a> commended the Ripple vs. SEC case ruling while emphasizing the need for regulatory balance. Rep. Torres urged the regulatory watchdog to focus on actual wrongdoers rather than stifling legitimate crypto businesses.</p> 
<p>Grayscale’s victory is expected to reshape the course of Bitcoin innovation in the United States.&nbsp;</p> 
<p>While regulatory uncertainties persist, advocates like Ramaswamy and entities such as Grayscale are pushing for a more balanced and progressive approach to crypto regulation that fosters innovation without compromising security or legitimacy.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/us-republicans-seek-transparency-over-alleged-coordinated-crypto-de-banking/" rel="noopener noreferrer nofollow"> US Republicans seek transparency over alleged coordinated crypto de-banking </a> </p>

US presidential candidate: Grayscale’s victory is boost for crypto

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