Incoming Republican presidential candidate Donald Trump announced on July 15 via Truth Social that Senator J.D. Vance, a prominent cryptocurrency advocate, will join his 2024 vice presidential running mate. The move could herald a sea change in the U.S. government’s approach to cryptocurrencies, potentially ushering in a more favorable regulatory environment for digital assets.
JD Vance is a ‘dream ticket’ for cryptocurrencies
Senator Vance, representing Ohio, has demonstrated his commitment to the cryptocurrency sector through both personal investments and legislative action. His 2022 Financial Disclosure Report discloses a Bitcoin investment of between $100,001 and $250,000, made through Coinbase. On the legislative front, Vance has voted for several pro-crypto bills.
As such, the industry response has been overwhelmingly positive. Industry figures have expressed optimism about the potential impact of Vance’s nomination on U.S. cryptocurrency policy.
FOX Business reporter Eleanor Terrett highlighted Vance’s accomplishments, stating, “The Republican slate for 2024 Presidential election is pro-crypto. Trump’s vice presidential candidate JD Vance has strong support for cryptocurrencies: He voted to repeal SAB 121, criticized the SEC over the Debt Box incident, Introduced a bill in 2023 to improve banking regulations and ensure that customers like cryptocurrency companies and gun manufacturers are not discriminated against, In 2022, Vance disclosed $250K in BTC holdings.”
Bitcoin OG Jameson Lopp confirmed Vance’s personal involvement: “According to his latest financial disclosure from last year, Trump’s vice president, JD Vance, is a Bitcoiner.”
Gabor Gurbacs, founder of PointsVille and strategist at Tether, expressed his anticipation of Vance’s potential influence, noting, “JD Vance is 39 years old and he’s a Bitcoin advocate. That’s all you need to know. Changes are coming.”
Tushar Jain, Managing Partner at Multicoin Capital, simply said, “One of us!” and reposted JD Vance’s post from February 2022, in which he stated, “This is why crypto is gaining popularity. The regime will cut off your banking if you have the wrong policies.”
Senator Vance’s approach to Bitcoin and digital assets, reflected in his voting record and public statements, suggests that he views digital assets not just as financial instruments, but as tools for increasing personal sovereignty and limiting excessive government interference. Sam Lyman of Riot Platforms Inc. it echoed this belief, noting that “Trump-Vance ticket = profound 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 for energy dominance. Vance, meanwhile, didn’t think FIT 21 was friendly enough to cryptocurrencies — so he came up with his own proposal that strips the SEC of its voice. In short: It’s a dream come true for anyone who believes in sovereignty and freedom of transaction.”
Travis Kling of Ikigai Asset Management indicated The underappreciated market implications of Vance’s position: “A huge change. It’s not even factored into the price.”
Moreover, Vance’s criticism of current SEC Chairman Gary Gensler over cryptocurrency regulation, as outlined by Bloomberg ETF analyst James Seyffart and attorney Bill Hughes of Consensys, highlights a fundamental inconsistency with the current regulatory approach.
Seyffart he commented via X, “JD Vance is not a fan of Gary Gensler or his approach to cryptocurrency regulation.” Hughes emphasized Vance’s perspective, stating, “Ohio Senator JD Vance on Gensler: He’s way, way, way too political in his securities regulation. He’s got it backwards when he wants to ban useful tokens and clearly doesn’t care about those without a defined utility.”
At the time of going to press, the price of Bitcoin was $64,399.
Featured image by X @SamLyman33, chart from TradingView.com
