You. J.D. Vance, the Ohio Republican who is trying to reshape crypto regulations, thinks he has a 29% chance of becoming former President Donald Trump's vice president. This was determined by traders trading on the crypto-based prediction market platform called Polymarket.

Vance's chances of being the GOP vice presidential nominee more than doubled to 14% on the platform a week ago. Bets are paid out in USDC, a stablecoin or cryptocurrency traded 1:1 with the US dollar.

Now, he has the second-best chance for the Republican vice presidential nomination among 25 possibilities in the Polymarket convention. However, the leading bet is that another man not listed among the options will get the nod, his odds are 33%.

Traders can buy "yes" or "no" shares for each candidate. Each share pays $1 USDC if the prediction comes true and zero if it doesn't, so the market price (for example, a "yes" share for Vance is 29 cents) represents the probability of the predicted outcome.

Trump is expected to announce his vice presidential pick before or during the Republican National Convention, which will take place July 15-18. Other possible candidates include Sen. Marco Rubio (R-Fla.) and former Housing and Urban Development Secretary Ben Carson, as well as former challenger Vivek Ramaswamy.

According to reports, Vance had not yet been invited to be Trump's vice president as of Sunday, and so was Rubio.

Vance could be a popular choice among crypto industry participants due to his efforts to advance a bill that would clarify the rules of the road for digital assets. A member of the Senate Banking Committee has floated a draft bill that would reshape how the US regulates digital assets, according to a report from Politico.

Unnamed sources told Politico that the proposal is more crypto-friendly than the law passed by the House of Representatives in June.

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