United

Circuit

Elon Musk

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 <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 (BTC) 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.… https://t.co/FsykKyQEVG</p>— Vivek Ramaswamy (@VivekGRamaswamy) August 30, 2023 
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 <p>Tesla CEO Elon Musk recently praised Ramaswamy’s approach, calling him a “very promising <a rel="noopener noreferrer nofollow" title="candidate" href="https://thebittimes.com/tag/candidate.html">candidate</a>.”&nbsp;</p> 
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    <p lang="en" dir="ltr">He is a very promising <a rel="noopener noreferrer nofollow" title="candidate" href="https://thebittimes.com/tag/candidate.html">candidate</a> https://t.co/bEQU8L21nd</p>— Elon Musk (@elonmusk) August 17, 2023 
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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 @Grayscale in our lawsuit challenging the SEC's decision to deny $GBTC'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) August 29, 2023 
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 <p>Grayscale challenged 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> 
 <div class="cn-block-related-link"> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Ripple schedules party to celebrate victory against SEC 
 </div> 
 <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 rekindled calls for the removal of SEC Chair Gary Gensler.</p> 
 <p>The recent court ruling and XRP’s partial <a rel="noopener noreferrer nofollow" title="victory" href="https://thebittimes.com/tag/victory.html">victory</a> 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. Ritchie Torres 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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> regulation that fosters innovation without compromising security or legitimacy.&nbsp;</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> US Republicans seek transparency over alleged coordinated crypto de-banking 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-presidential-candidate-grayscale-s-victory-is-boost-for-crypto-tbt61108.html">https://thebittimes.com/us-presidential-candidate-grayscale-s-victory-is-boost-for-crypto-tbt61108.html</a></p>

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

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