The Bitcoiner now running as Trump’s vice president

JD Vance has been a Bitcoin insider for years, has criticized Gary Gensler and the SEC, and has pushed for pro-crypto policies. Come November, he could be a heartbeat away from the presidency.

Following Saturday’s shocking assassination attempt, a defiant Donald Trump has returned to the campaign trail and was seen with a bandaged ear as he attended the Republican National Convention in Wisconsin.

Trump, who was officially nominated as the party’s candidate in the November presidential election, first job was to choose a running mate. Trump announced that Ohio Senator J.D. Vance will be his vice presidential candidate.

From a crypto perspective, this is a positive development and an extension of Trump’s pro-Bitcoin rhetoric. In 2022, Vance revealed that he had between $100,000 and $250,000 worth of BTC, so it’s fair to say he’s a believer.

In videos on the X channel, Vance was also seen criticizing U.S. Securities and Exchange Commission Chairman Gary Gensler for his harsh approach to regulating digital assets.

“Gary’s approach to regulating blockchain and crypto seems almost the exact opposite of what it should be.”

J.D. Vance

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Here’s what Ohio Senator J.D. Vance said about Gensler:

He is very political in his securities regulation.

While he wants to ban useful tokens, he does the opposite by not seeming to care much about those that have no particular benefit.

Senator Vance sees blockchain as key to… pic.twitter.com/yKoNmk4Bm4

— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) February 27, 2024

Vance went on to say that Gensler is “the worst person” tasked with overseeing this massively mobile industry, arguing that modern tech companies and social networks will increasingly need their own utility tokens.

The Republican Party played an influential role in congressional efforts earlier this year to repeal SEC Staff Accounting Bulletin 121, a controversial rule that effectively bars financial institutions from storing cryptocurrencies and requires them to be listed as a liability on their balance sheets.

Although the vote passed both the House and Senate, it was vetoed by President Joe Biden, who said he could not support measures that endanger the well-being of consumers and investors.

Vance also wrote to Gensler to demand a response after the SEC pursued Debt Box, which the commission’s lawyers said made “materially false and misleading statements” about the company that led to an asset freeze and a 56% drop in the value of its native token. The letter reads:

“It is incomprehensible that any federal agency, especially one that is regularly involved in high-profile litigation proceedings and that, under your leadership, pursues its regulatory mission through enforcement actions rather than rulemaking, could operate in such an unethical and unprofessional manner.”

J.D. Vance

The statement echoes criticisms the crypto industry has leveled at the SEC, with firms claiming the commission regulates through enforcement.

According to Politico, Vance is also working on a bill that would change how the US regulates digital assets, joining the likes of Cynthia Lummis and Kirsten Gillibrand in pushing for change.

And in 2022, he harshly criticized Canada’s decision to freeze or suspend bank accounts linked to the Freedom Motorcade protests, arguing that this showed why BTC was necessary.

Undeterred by Mt. Gox moving billions of dollars’ worth of Bitcoin ahead of repayments to creditors, crypto markets reacted warmly to news of Vance’s election — building on gains seen in the immediate aftermath of Trump’s assassination attempt. CoinMarketCap data shows BTC coming tantalizingly close to breaching $65,000 at one point. Stocklytics analyst Neil Roarty described him as a “longtime advocate” of crypto, adding:

“With Vance in the White House alongside Trump, which is increasingly likely, there is a sense that pro-crypto policy could be on the agenda in 2025.”

Neil Roarty Bitcoin in the last seven days | Source: TradingView All eyes on November

Just as Trump has changed his stance on digital assets, JD Vance has also changed his stance on the former president.

In 2016, the politician described Trump as a “fool” who “should be reprehensible” and likened him to Hitler behind closed doors.

But in recent years, Vance has become one of Trump’s closest allies and an ardent supporter of his policies.

Biden pointed this out in an interview with NBC shortly after his candidacy was announced, saying:

“[Trump’s] “He’s going to surround himself with people who agree with him, vote for him and support him.”

Joe Biden

All eyes now turn to Nashville, where Trump is expected to speak at the Bitcoin 2024 conference next week.

This would be a watershed moment for the industry and could give crypto investors an idea of ​​what to expect if Trump returns to the Oval Office.

With two pro-Bitcoin candidates at the helm of the Republican Party, the United States is truly in unprecedented territory.