Former U.S. President Donald Trump announced on July 15 at the Republican National Convention in Milwaukee, Wisconsin, that Ohio Senator J.D. Vance would be his vice presidential candidate. The Republican National Convention subsequently confirmed this nomination.
Tesla founder Elon Musk congratulated, stating, “Trump made an excellent choice.” 1confirmation founder Nick Tomaino also praised Vance's youth and wisdom, noting his deep understanding of the internet and cryptocurrency.
Bitcoin Holder
For the cryptocurrency industry, J.D. Vance may be a new name.
Born in 1984, Vance is only 39 years old. Despite his short political career of just two years, he could become the second youngest vice president in U.S. history. As a writer and venture capitalist, he has a keen interest in cryptocurrency. Arthur Hayes previously questioned Trump's sincerity towards cryptocurrency, suggesting that Vance is a more genuine supporter.
Vance himself is a Bitcoin holder. According to the October 2023 financial disclosure report, Vance holds Bitcoin valued between $100,001 and $250,000. He also has accounts with Robinhood and Charles Schwab, though specific holdings are not disclosed.
Advocate for Crypto-Friendly Legislation
In 2022, Vance was elected as Ohio Senator due to his support for cryptocurrency. He advocates for relaxed regulation of digital assets. In May, he voted in the Senate to repeal the SAB-121 accounting rule, which was highly unpopular in the crypto industry.
At a private event hosted by Y Combinator and Bloomberg, Vance strongly criticized SEC Chairman Gary Gensler's excessive regulation of cryptocurrency, calling Gensler the “worst choice” and accusing him of introducing too many political factors into U.S. securities business.
Last month, Vance drafted a bill to reform the regulation of digital assets, aiming to change how the SEC and CFTC oversee the cryptocurrency market. The industry generally believes the SEC has too much power, and Vance's bill is seen as more favorable. “People certainly don't want to start over, but for now, J.D. Vance's bill is much better.”
Currently, the bill has received support from 71 House Democrats and is expected to be formally introduced this month.
Based on J.D. Vance's past statements and actions, his positive attitude towards cryptocurrency is evident. While there may be an element of vote-seeking, he undoubtedly stands as one of the strongest supporters of the cryptocurrency industry today.
Comments