Trump Picks Crypto-Friendly Sen. J.D. Vance as Vice Presidential Candidate
Former President Donald Trump has announced that he has chosen crypto-friendly Sen. J.D. Vance (R-Ohio) as his vice presidential candidate.
According to his latest federal financial disclosure, Vance, a venture capitalist turned politician, owns between $100,001 and $250,000 in Bitcoin.
Trump and Vance’s United Front on Crypto
Earlier this year, former President Trump’s stance on crypto shifted from skepticism to support. In May, his team began accepting contributions in various cryptocurrencies through Coinbase. He has also been vocal on the industry during his campaign, vowing support.
While Trump’s lead is widening in almost every post-debate survey, one advocacy group still believes that Biden has a “pivotal opportunity” to alter his position on crypto to lead.
Meanwhile, in his mandated Annual Report for 2022, filed in October 2023, Vance disclosed that he holds his Bitcoin on Coinbase and maintains accounts with brokerages Robinhood and Charles Schwab.
Vance has not yet filed financial disclosures for 2023. However, his previous efforts to bring clearer legislation to the crypto space have made him a favorable choice among crypto leaders.
He recently drafted a bill to revamp how the U.S. regulates digital assets, which sources say would be even more crypto-friendly than the bill passed by the House in June.
Vance Has Been Active in Crypto Legislation
Senator J.D. Vance, the first millennial on a major party presidential ticket, is bringing a generational shift to the race, including a strong stance on crypto.
He voted to repeal the SEC’s controversial staff accounting bulletin SAB 121, which restricts certain banks and broker-dealers from holding digital assets. Although the repeal passed both chambers of Congress by a simple majority in May, it was ultimately vetoed by President Biden.
In February, Vance penned a letter to SEC Chairman Gary Gensler alongside several GOP Senators. They expressed concerns over an enforcement case against the crypto firm Debt Box. A judge found that SEC lawyers had used false statements to justify freezing the company’s assets and bank accounts.
Vance has also criticized Gensler’s approach to regulating crypto and blockchain technology. He accused him of injecting politics into the securities business and taking the wrong approach to regulation.
Meanwhile, former President Trump is scheduled to be a featured speaker at the largest Bitcoin conference next week in Nashville. There, he is expected to outline his plans for championing blockchain technology, supporting the right to self-custody of digital assets, and preventing the establishment of a central bank digital currency (CBDC).
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