Regulation
Trump’s VP Could Be the Face of Cryptocurrency Regulation in the US – Here’s How ⋆ ZyCrypto
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Two days after his assassination attempt, Republican presidential candidate Donald Trump named Senator JD Vance as his running mate, a decision that could have profound consequences for the cryptocurrency ecosystem.
Since Vance was introduced as a vice presidential candidate at the Republican National Convention (RNC), political analysts have been combing through his archives, but his views on digital assets have created a buzz in the community. According to recent revelations, Vance is staunchly pro-crypto, holding between $100,000 and $250,000 worth of BTC on Coinbase.
The Ohio senator has long supported virtual currency legislation in Congress, including voting in favor of a joint resolution to prevent the Securities and Exchange Commission (SEC) from requiring financial institutions to report their digital assets as liabilities. However, he appears to be staunchly opposed to the concept of central bank digital currencies (CBDCs) in the United States, fearing that the government would limit citizens’ access to funds.
“This is why cryptocurrency is taking off,” Vance wrote on X. “The regime will cut off your banking if you have the wrong policy.”
Currently, Vance is spearheading a new virtual currency regulation in the Senate, widely regarded as strong in its investor protection provisions. His pro-cryptocurrency crusade has seen him take on SEC Chairman Gary Gensler over the alleged “witch hunt” against service providers in the sector.
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“Gary’s approach to regulating blockchain and crypto is the exact opposite of what it should be,” Vance said at a private conference in February.
The Face of Cryptocurrency Regulation
The prediction site Polymarket puts Trump in pole position to emerge victorious at the polls, with the former president’s chances estimated at 71%. In the event Trump wins the election, experts say cryptocurrency regulation would be delegated to Vance, as vice president.
While vice presidents have limited power to direct policy in key areas of the economy, Trump could delegate authority to Vance to take the lead on regulating virtual currencies because it is not a major campaign issue. Vance’s background as a tech venture capitalist could prove instrumental as the Trump administration seeks to make the United States a global leader in this space.
Although Trump has demonstrated While he is unfamiliar with virtual assets, some speculate that the former president may not fully grasp what a comprehensive regulation for the industry would entail. Conversely, Vance has ample power to shape national policy on digital assets. Still, critics point to his lack of political experience as a potential drawback for Republicans.