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Vivek Ramaswamy: Grayscale win ‘clears a path’ for Bitcoin innovation

The Republican candidate also pledged to rescind all federal regulations that fail the Supreme Court’s major questions doctrine test in the West Virginia vs. EPA case — a potentially positive for crypto.

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 towards 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 to serve 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.

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.“

In late May, the presidential candidate began accepting Bitcoin for campaign donations.

Related: GBTC Bitcoin ‘discount’ may be gone by 2024 as share price gains 17%

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.

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M

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Nigerian Payments Provider Nomba Secures $30 Million in Pre-Series B Funding Round

Nigerian Payments Provider Nomba Secures  Million in Pre-Series B Funding RoundThe Nigerian payments startup, Nomba, is reported to have raised $30 million via a pre-Series B that was led by Base10 Partners. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.” Plugging Gaps in Payment Processes Nomba, a Nigerian payments startup, has raised a US$30 million pre-Series […]

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NFT Sales See Modest Increase of 1.46% to Reach $149M in Past Week

NFT Sales See Modest Increase of 1.46% to Reach 9M in Past WeekIn the past week, sales of non-fungible tokens (NFTs) have increased by 1.46%, raking in a total of $149,312,180. However, while the number of NFT buyers has risen by 22.48%, the number of NFT transactions has decreased by 8.78% compared to the previous week. Azuki Emerges as Top-Performing NFT Collection This Week With 504.96% Sales […]

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Crypto.com Unveils Amy: An AI-Powered Companion for Crypto Enthusiasts

Crypto.com Unveils Amy: An AI-Powered Companion for Crypto EnthusiastsThis year, the world has witnessed a surge in the popularity of artificial intelligence (AI) software, with a plethora of cutting-edge platforms such as Openai’s Chatgpt 3.5, Chatgpt 4.0, DALL-E, Stable Diffusion, and other innovative tools like Midjourney and Google’s Bard taking the internet by storm. Amidst this technological revolution, Crypto.com’s CEO Kris Marszalek recently […]

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Crypto Has Evolved From Being Seen as an ‘Anti-Establishment Rebellion Asset’ Says FCA Executive Director

Crypto Has Evolved From Being Seen as an ‘Anti-Establishment Rebellion Asset’ Says FCA Executive DirectorFrom being seen as a small “anti-establishment rebellion asset” more than ten years ago, crypto has grown to “become more widespread,” says Sarah Pritchard, an executive director at the United Kingdom’s Financial Conduct Authority (FCA). Pritchard said while the FCA has routinely warned consumers of risks associated with crypto, the watchdog has “always been open […]

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‘Crypto is dead in America’: Tech billionaire Chamath Palihapitiya

Palihapitiya did concede the crypto sector has “pushed more boundaries” than other startup sectors, which may have attracted the SEC’s attention.

Regulators in the United States have choked out the cryptocurrency sector to the point of death, according to Bitcoin (BTC) bull and billionaire tech investor Chamath Palihapitiya.

“Crypto is dead in America,” he boldly claimed in an April 22 episode of the All-In podcast.

Palihapitiya’s comment came in response to the news that cryptocurrency exchange Coinbase is now considering a move offshore. He pointed the finger at Gary Gensler, the chair of the U.S. Securities Exchange Commission:

“Crypto is dead in America. I mean now you have Gensler even blaming the banking crisis on crypto — so the United States authorities have firmly pointed their guns at crypto.”

While Palihapitiya said that the U.S. likely views crypto as a threat to its “establishment,” the tech investor did however attribute some fault to the sector:

“In fairness to the regulators, [the crypto sector] did push the boundaries more than any other sector of the startup economy.”

He rounded out his analysis by concluding that the good actors are now “paying the price” for the bad work done by FTX and other firms that have impacted the reputation of the industry.

“The bill has come due for them,” he added.

David Sacks, one of the show’s co-hosts, said the U.S. may be trying to choke out crypto because it may eat into the dominance of the U.S. dollar:

“I think it’s probably not a coincidence that you’re seeing all these concerns about de-dollarization at the same time they're cracking down on crypto.”

But the overall impact will be a net negative one, implied Sacks, who is of the view that pushing crypto companies offshore will be “terrible for American innovation.”

Related: Coinbase CEO on its Wells notice: SEC is like soccer referees in a game of pickleball

Other commentators have described the issue at hand as “Operation Choke Point 2.0” — an alleged orchestrated effort by regulators to discourage banks from holding crypto or providing services to crypto companies.

Palihapitiya was baffled by the notion that Coinbase  — a digital asset trading platform that he says had “played by the rules, stood in line” and “tried to do the right things” — was no closer to receiving regulatory clarity than the now-bankrupt FTX.

“How is that even possible,” Palihapitiya asked. Sacks answered that former FTX CEO Sam Bankman-Fried “had skills in gaming the system.”

In March, the SEC issued Coinbase a Wells notice — which typically implies the regulator plans on pursuing legal action against the firm for potential violations of U.S. securities laws.

If a lawsuit is filed, Coinbase CEO Brian Armstrong says that the exchange will be ready to litigate.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

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Bitcoin Stamps Surpass 18,000 Collectibles, Creativity Takes Center Stage

Bitcoin Stamps Surpass 18,000 Collectibles, Creativity Takes Center StageWith the latest non-fungible token (NFT) trend on the Bitcoin blockchain, known as Bitcoin Stamps, users have issued more than 18,000 digital collectibles on the network. While this figure falls short of the number of Ordinal inscriptions, stamp creators are exploring new ways to leverage this technology. Number of Bitcoin Stamps Rises Above 18,000 A […]

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ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations

ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt ObligationsThere is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can maintain its debt obligations. However, she warned that if the U.S. were to default […]

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Environmental Impact of AI Models Takes Center Stage Amid Criticism Against Bitcoin Mining

Environmental Impact of AI Models Takes Center Stage Amid Criticism Against Bitcoin MiningWhile bitcoin’s effect on the environment has been discussed at length over the last two years, the latest trend of artificial intelligence (AI) software is now being criticized for its carbon footprint. According to several headlines and academic papers this year, AI consumes significant electricity and leverages copious amounts of water to cool data centers. […]

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Who watches the watchers? CryptoHarlem founder Matt Mitchell explains why surveillance is the enemy

CryptoHarlem founder Matt Mitchell says government and corporate surveillance and citizens’ inability to protect against it are great threats to personal security.

Technology can be one’s best friend or, in some cases, their worst enemy. For example, Meta and TikTok seamlessly connect millions of people with loved ones and strangers, and while the platforms are a great resource for finding information and communicating with others, there are valid concerns about violations of users’ privacy and the monetization and possible outright theft of users’ data. 

The same can be said for surveillance and security. There is often a gift-and-a-curse style relationship, wherein the exact surveillance tools meant to keep people safe and deter crime are often used to oppress and control citizens or even ignore the criminal acts of those in power.

To explore this contentious topic in greater depth, show hosts Jonathan DeYoung and Ray Salmond invited renowned hacker and activist Matt Mitchell to the most recent episode of The Agenda podcast. 

Who is watching the watchers?

When asked to share some examples of what drives his passion for hacktivism and which threats might be the most immediate for the average person, Mitchell said:

“You exist as a target of surveillance no matter what you do, right? And it might be commercial surveillance, the cookies on your browser, it might be the tracking on your phone. And normally, the incentive is financial gain, right? So, people want to sell your data to an advertiser to learn more about you so they can monetize it. Even the most failed startup is like sell this data, get out of this problem.”

To emphasis the increased danger of the surveillance threat to communities of color in the United States, Mitchell explained:

“Now, if you are a Black person or you're in an historically Black community or a majority Black community, that surveillance includes law enforcement surveillance. It also includes private surveillance. That's commercial surveillance. It might include the housing project you live in or the development community surveillance. And when you put it all together, there's a 4D, like 4K, super-high-res image of your life because you're under so many layers of surveillance that there's almost no space that's actually your private space.”

Mitchell said the very first thing he teaches people is that “surveillance is bad, and we need to stop it.”

When Salmond suggested that security is ultimately designed to keep citizens safe, Mitchell countered with:

“For example, let's say you work as a tech, you have privileged access. So, only you and three other cybersecurity people or data people have access to all the sensitive keys. In the beginning, it's used to stop abuse on the platform, but at the end, you're using it to stalk someone you're romantically interested, right? Because surveillance corrupts you in an insidious way. Kind of like the One Ring.”

Related: Africa: The next hub for Bitcoin, crypto adoption and venture capital?

According to Mitchell:

“The group that wields the surveillance tool is not wielding it upon itself. They're not the ones that are being watched. It is the watcher, not the watchers, that is on the empowerment side of this thing.”

To hear more from Mitchell’s conversation with The Agenda — including his backstory and the revolutionary objectives of CryptoHarlem — listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows!

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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