- July 16, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Prospective Republican Party presidential candidate Donald Trump announced on July 15 via Truth Social that Senator JD Vance, a notable proponent of crypto, will join his ticket as the vice-presidential candidate for the 2024 election. This decision could herald a profound shift in the US government’s approach towards cryptocurrencies, potentially ushering in a more favorable regulatory environment for digital assets.
J.D. Vance Is A ‘Dream Ticket’ For Crypto
Senator Vance, representing Ohio, has demonstrated his commitment to the crypto sector through both personal investments and legislative actions. His 2022 financial disclosure report reveals an investment in Bitcoin valued between $100,001 and $250,000, held through Coinbase. On the legislative front, Vance voted in favor of several pro-crypto bills.
Accordingly, the response from the industry has been overwhelmingly positive. Industry figures have expressed optimism about the potential impact of Vance’s nomination on US crypto policy.
Eleanor Terrett, a journalist with FOX Business, highlighted Vance’s record, stating, “The Republican ticket in the 2024 presidential election is pro-crypto. Trump’s running mate. JD Vance has a strong pro-crypto record: Voted to repeal SAB 121, slammed the SEC for The Debt Box incident, In 2023, he introduced a bill to improve bank regulation and make sure customers like crypto firms and gun manufacturers are not discriminated against, in 2022, Vance disclosed BTC holdings of up to $250K.”
Bitcoin OG Jameson Lopp confirmed Vance’s personal engagement: “According to his most recent financial disclosure last year, Trump’s Vice President pick JD Vance is a bitcoiner.”
Gabor Gurbacs, founder of PointsVille and strategy at Tether, expressed his anticipation for Vance’s potential influence, remarking, “JD Vance is 39 years old and pro Bitcoin. That’s all one needs to know. Change is coming.”
Tushar Jain, Managing Partner at Multicoin Capital, simply said “One of us!” and repostet a Feb 2022 post by J.D. Vance where he stated: “This is why crypto is taking off. The regime will cut off your access to banking if you have the wrong politics.”
Senator Vance’s approach to Bitcoin and digital assets, as reflected in his voting record and public statements, suggests he views digital assets not only as financial instruments but also as tools for enhancing personal sovereignty and reducing governmental overreach. Sam Lyman from Riot Platforms Inc. echoed this sentiment, noting, “The Trump-Vance ticket = a profound sea change for the digital asset industry.”
He added, “DJT wants all remaining Bitcoin to be “made in the USA” as part of a national strategy to achieve energy dominance. Vance, meanwhile, felt that FIT 21 wasn’t friendly enough towards crypto—so he drafted his own proposal defanging the SEC. TLDR: This is the dream ticket for anyone who believes in self-sovereignty and the freedom to transact.”
Travis Kling of Ikigai Asset Management pointed out the underappreciated market implications of Vance’s stance: “Massive shift. Not even close to priced in here.”
Furthermore, Vance’s critique of current SEC Chair Gary Gensler’s handling of crypto regulation, as discussed by Bloomberg ETF analyst James Seyffart and lawyer Bill Hughes from Consensys, underscores a fundamental disagreement with current regulatory approaches.
Seyffart commented via X, “JD Vance is not a fan of Gary Gensler or his approach to crypto regulation”. Hughes highlighted Vance’s perspective, stating, “Ohio Senator JD Vance on Gensler: He is way way way too political in his regulation of securities. He has it backwards when wanting to ban useful tokens and seemingly not caring about those without specific utility.”
At press time, Bitcoin traded at $64,399.
