Trump chooses crypto-friendly Senator JD Vance as his vice-presidential running mate

Former President Donald Trump has announced that he has chosen crypto-friendly Sen. JD Vance (R-Ohio) as his running mate.

According to his latest federal financial disclosure, Vance, a venture capitalist turned politician, owns between $100,001 and $250,000 in Bitcoin.

Trump and Vance’s United Front on Crypto

Earlier this year, former President Trump’s stance on crypto shifted from skepticism to support. In May, his team began accepting contributions in various cryptocurrencies through Coinbase. He has also been vocal in the industry during his campaign, pledging support.

While Trump’s lead is widening in nearly all post-debate polls, one advocacy group still believes Biden has a “fundamental opportunity” to change his position on crypto to lead.

Meanwhile, in his mandatory annual report for 2022, filed in October 2023, Vance revealed that he keeps his Bitcoin on Coinbase and maintains accounts with brokers Robinhood and Charles Schwab.

Vance has yet to file financial disclosures for 2023. However, his past efforts to bring clearer legislation to the crypto space have made him a favored choice among crypto leaders.

He recently authored a bill to revamp the way the U.S. regulates digital assets, which sources say would be even friendlier to crypto than the bill passed by the House in June.

Vance has been active in crypto legislation

Sen. JD Vance, the first millennial on a major party presidential ticket, is bringing a generational edge to the race, including a strong stance on crypto.

He voted to repeal the SEC’s controversial staff accounting bulletin SAB 121, which restricts certain banks and broker-dealers from holding digital assets. Although the repeal passed both houses of Congress by simple majorities in May, it was ultimately vetoed by President Biden.

In February, Vance wrote a letter to SEC Chairman Gary Gensler along with several Republican senators. They expressed concern about an enforcement case against crypto firm Debt Box. A judge found that SEC lawyers had used false statements to justify freezing the company’s assets and bank accounts.

Vance has also criticized Gensler’s approach to regulating crypto and blockchain technology. He accused him of injecting politics into the securities business and taking a wrong approach to regulation.

Meanwhile, former President Trump is scheduled to be a featured speaker at Bitcoin’s biggest conference next week in Nashville. There, he is expected to outline his plans to defend blockchain technology, support the right to self-custody of digital assets and prevent the establishment of a central bank digital currency (CBDC).

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