Regulation
Crypto Policy Under Trump’s VP Pick: What to Expect
Republican presidential candidate Donald Trump announced on July 15 via Truth Social that Senator J.D. Vance, a vocal cryptocurrency advocate, would be joining his ticket as his vice presidential nominee for the 2024 election. The move could herald a profound shift in the U.S. government’s approach to cryptocurrencies, potentially paving the way for a more favorable regulatory environment for digital assets.
JD Vance is a ‘dream ticket’ to crypto
Senator Vance, representing Ohio, has demonstrated his commitment to the cryptocurrency industry through both personal investments and legislative actions. His 2022 financial disclosure report reveals a Bitcoin investment worth between $100,001 and $250,000, held through Coinbase. On the legislative front, Vance has voted in favor of several pro-crypto bills.
As a result, the industry response has been overwhelmingly positive, with industry players expressing optimism about the potential impact of Vance’s nomination on U.S. cryptocurrency policy.
FOX Business reporter Eleanor Terrett highlighted Vance’s record, saying, “The Republican ticket for the 2024 presidential election is pro-crypto. Trump’s running mate. J.D. Vance has a strong pro-crypto record: he voted to repeal SAB 121, criticized the SEC for the Debt Box IncidentIn 2023, he introduced a bill to improve banking regulations and ensure that customers like crypto companies and gun manufacturers are not discriminated against. In 2022, Vance revealed BTC holdings of up to $250,000.
Bitcoin OG Jameson Lopp confirmed Vance’s personal involvement: “According to his latest financial disclosure from last year, Trump’s VP pick, JD Vance, is a bitcoiner.”
Gabor Gurbacs, founder of PointsVille and strategist at Tether, Express He said he anticipated Vance’s potential influence: “JD Vance is 39 and pro-Bitcoin. That’s all you need to know. Change is coming.”
Tushar Jain, managing partner of Multicoin Capital, simply said, “One of us!” and republished a February 2022 article by JD Vance in which he said, “This is why cryptocurrency is taking off. The regime will cut off your banking if you have the wrong policy.”
Senator Vance’s approach to Bitcoin and digital assets, as reflected in his voting record and public statements, suggests that he views digital assets not only as financial instruments, but also as tools to enhance personal sovereignty and reduce government capture. Sam Lyman of Riot Platforms Inc. echoes this sentiment, noting: “The Trump-Vance ticket = a profound change for the digital asset industry.”
He added: “DJT wants all remaining bitcoins to be ‘made in the USA’ as part of a national strategy to achieve energy dominance. Vance, meanwhile, opined that FIT 21 wasn’t pro-cryptocurrency enough, so he drafted his own proposal to defuse the SEC. TLDR: This is the dream ticket for anyone who believes in self-sovereignty and freedom to transact.
Travis Kling of Ikigai Asset Management underlines The underestimated implications of Vance’s market position: “A massive shift. It’s not even factored in here at all.”
Additionally, Vance’s criticism of the current SEC chairman Gary Gensler’s Management Cryptocurrency regulation, as discussed by Bloomberg ETF analyst James Seyffart and Consensys attorney Bill Hughes, highlights a fundamental disagreement with current regulatory approaches.
Seyffart commented via X, “JD Vance is not a fan of Gary Gensler or his approach to cryptocurrency regulation.” Hughes emphasized Vance’s point, saying, “Ohio Sen. JD Vance on Gensler: He’s way too political in his securities regulation. He’s completely wrong when he wants to ban useful tokens and doesn’t seem to care about those that don’t have a specific utility.”
At press time, Bitcoin was trading at $64,399.
Featured image by X @SamLyman33, chart by TradingView.com