Regulation
Donald Trump’s Pick for Vice President Is a Bitcoin Holder
Former President Donald Trump has selected Ohio Sen. J.D. Vance as his running mate for the 2024 election.
Trump’s decision comes as a result of Vance’s support for Bitcoin and the crypto industry in general. Additionally, it highlights a strategic shift toward the growing influence of cryptocurrencies in politics.
Crypto Leaders Welcome Vance’s Appointment as Vice President
Trump made the announcement Monday on his Truth Social account. In his post, Trump praised Vance’s military service, academic achievements and career in technology and finance.
“JD has had a very successful business career in technology and finance, and now, during the campaign, he will focus heavily on the people he fought so brilliantly for, American workers and farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota and far beyond,” he said. wrote.
Learn more: Cryptocurrency Regulation: What Are the Pros and Cons?
A Yale Law School graduate and author of “Hillbilly Elegy,” Vance has been a vocal Bitcoin supporter since his election to the Senate in 2022. His advocacy for digital assets is evident throughout his legislative efforts.
Vance has introduced and sponsored legislation in the Senate in support of digital assets. He is opposed by the chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler’s Rigorous Regulatory Approach.
Furthermore, Vance’s position on vote on the repeal of Staff Accounting Bulletin 121 (SAB 121)which prohibits certain financial institutions from holding digital assets, demonstrates his commitment to a crypto-friendly regulatory environment. Additionally, according to federal financial disclosures, Vance has do a personal investment in Bitcoin, between $100,001 and $250,000.
Prominent figures in the crypto industry have Express support for Vance’s candidacy. Nic Carter, founder of Castle Island Ventures, praised Trump’s choice on his X account.
“JD is a great choice, former VC, and very good at crypto. Trump 2.0 signals a pro-tech, pro-Silicon Valley, pro-American dynamic outlook,” Carter said. wrote.
Cardano founder Charles Hoskinson also praised Vance’s pro-crypto stance in a recent video. He acknowledged Vance’s significant contributions to the industry.
“He has been a good friend to the cryptocurrency industry. […] “So overall, this is a good choice for our industry as a whole, and I hope this is someone who can advise Trump, if he wins on crypto policy in a way that would benefit the industry as a whole and the American people as a whole,” Hoskinson said.
Trump Embraces Cryptocurrencies: Real Change or Political Maneuver?
Trump’s campaign has increasingly portrayed itself as pro-cryptocurrency. The former president has supported the industry through various gestures, including accept cryptocurrency donations And speaking at the Bitcoin 2024 conference in Nashville.
His efforts appear to be paying off, garnering support from several key industry figures. BeInCrypto earlier reported that the Winklevoss twins, the founders of cryptocurrency exchange Gemini, donated $2 million in Bitcoin to Trump campaign. Additionally, a recent report from the Washington Post revealed that David Bailey, CEO of Bitcoin Magazine, will host a fundraiser for Trump later this month.
Given his previous skepticism, Trump’s change in stance on Bitcoin and the cryptocurrency industry is remarkable. In 2019, he publicly denounced Bitcoin and cryptocurrencies as “not money” and “based on hot air.” Thus, this shift raises questions about his sincerity and potential policy changes.
Learn more: How can blockchain be used for voting in 2024?
Arthur Hayes, founder of BitMEX, offered a critical perspective, suggesting that Trump’s support for cryptocurrencies is politically motivated. Hayes pointed out that Trump’s change of course is aimed at capturing the votes of the crypto community in key states, rather than reflecting a true belief.
“Given that a few thousand votes will decide the election in a handful of states, Trump and the Republican Party are content to make jokes about crypto. I doubt Trump’s sincerity. He cares about getting elected and will say whatever it takes to get your vote. If Biden and the Democrats were pro-crypto, Trump would be anti-crypto. It’s just good politics,” Hayes said. said in his recent blog post.
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