JD Vance has held Bitcoin for years, criticized Gary Gensler and the SEC, and pushed for pro-crypto policies. In November, he could be a heartbeat away from the presidency.
After a shocking assassination attempt on Saturday, a defiant Donald Trump has returned to the campaign trail — and was pictured with a bandaged ear while attending the Republican National Convention in Wisconsin.
Now formally nominated as the party’s nominee in November’s presidential election, his first order of business was to select a running mate. Trump duly announced that Ohio senator JD Vance would be his vice presidential pick.
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From a crypto standpoint, this is a positive development — and an extension of Trump’s pro-Bitcoin rhetoric. Back in 2022, Vance had disclosed that he held between $100,000 and $250,000 worth of BTC, meaning it’s fair to say he’s a believer.
Videos on X have also shown Vance criticizing Gary Gensler, the chair of the U.S. Securities and Exchange Commission, for his heavy-handed approach when regulating digital assets.
“The approach that Gary has taken to regulating blockchain and crypto seems to be almost the exact opposite of what it should be.”
JD Vance
👀👀👀 NEW VIDEOOhio 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. Sen. Vance sees blockchain as key to… pic.twitter.com/yKoNmk4Bm4
— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) February 27, 2024
Vance even went on to say that Gensler is “the worst person” to be tasked with overseeing this vast-moving industry — and argued that modern tech companies and social networks will increasingly need to have their own utility tokens.
Earlier this year, the Republican played an instrumental role in congressional efforts to repeal SEC Staff Accounting Bulletin 121, a controversial rule that effectively stops financial institutions from taking custody of crypto because it needs to be listed as a liability on their balance sheets.
Despite the vote clearing both the House of Representatives and the Senate, it was vetoed by President Joe Biden, who said he could not “support measures that jeopardize the wellbeing of consumers and investors.”
Vance also wrote to Gensler to demand answers following the SEC’s pursuit of Debt Box, which saw commission lawyers make “materially false and misleading representations” about the company that led to assets being frozen and the value of its native token falling by 56%. The letter said:
“It is unconscionable that any federal agency — especially one regularly involved in highly consequential legal procedures and one that, under your leadership, has often pursued its regulatory mission through enforcement actions rather than rulemakings — could operate in such an unethical and unprofessional manner.”
JD Vance
This language mirrors the criticism that the crypto sector has lodged against the SEC, with firms claiming that the commission has engaged in regulation through enforcement.
According to Politico, Vance has also been working on draft legislation that would overhaul how the U.S. regulates digital assets — joining the likes of Cynthia Lummis and Kirsten Gillibrand in pushing for change.
And back in 2022, he was highly critical of Canada’s decision to freeze or suspend bank accounts linked to the Freedom Convoy protests, arguing that it showed why BTC was needed.
This is why crypto is taking off. The regime will cut off your access to banking if you have the wrong politics. https://t.co/C88DCsehnN
— J.D. Vance (@JDVance1) February 15, 2022
Undeterred by Mt. Gox starting to move billions of dollars in Bitcoin ahead of repayments to creditors, the crypto markets reacted warmly to news of Vance’s selection — building upon the gains that were seen in the immediate aftermath of Trump’s assassination bid. CoinMarketCap data shows BTC came tantalizingly close to piercing $65,000 at one point. Stocklytics analyst Neil Roarty described him as a “long-time advocate” of crypto, adding:
“With Vance next to Trump in the White House — an outcome that’s looking increasingly likely — there is a sense that pro-crypto policy could be on the agenda come 2025.”
Neil Roarty
Bitcoin over the past seven days | Source: TradingView All eyes on November
Just like Trump has changed his tone about digital assets, JD Vance has changed his tone about the former president.
Back in 2016, the politician had gone on the record as describing Trump as an “idiot” who was “reprehensible” — likening him to Hitler behind closed doors.
But over recent years, Vance has shifted to become one of Trump’s closest allies, and an ardent supporter of his policies.
Biden pointed to this in an NBC interview shortly after the nomination was made, saying:
“[Trump’s] gonna surround himself with people who agree completely with him, have a voting record, that support him.”
Joe Biden
Attention now turns to Nashville, where Trump is expected to speak at next week’s Bitcoin 2024 conference.
That’ll be a landmark moment for the sector — and could give crypto investors an idea of what to expect if he returns to the Oval Office.
With two pro-Bitcoin candidates at the top of the Republican ticket, the U.S. really is in unprecedented territory.
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