Trump picks crypto-friendly J.D. Vance as running mate, signaling strong embrace of crypto

Former President Donald Trump on Monday announced Ohio Senator J.D. Vance as his vice presidential running mate and running mate in the November election.

“JD has had a very successful business career in technology and finance, and now during this campaign he will focus very strongly on the people he fought so successfully for: American workers and farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota and far beyond,” Trump said.

Ahead of the decision, investors on cryptocurrency betting site Polymarket said Vance had a 70% chance of winning the vice presidential nomination.

Vance is a prominent pro-crypto senator who has disclosed on his financial disclosure forms that he holds more than $100,000 in cryptocurrencies. Coupled with Trump, who recently adopted his own pro-crypto views this election cycle, the Republican ticket is likely to introduce pro-bitcoin policies that would make it easier for the industry to innovate in the U.S. rather than seek friendlier jurisdictions abroad, market analysts say.

“Trump has consistently been seen as a pro-crypto candidate,” Pat Doyle, Blockchain Researcher at Amberdata, recently told TheStreet Crypto. “The market’s recent reaction to the failed assassination attempt highlights investors’ strong confidence in Trump’s potential to win the upcoming election.”

“More broadly, asset prices appear to view a Trump victory as a positive outcome due to Trump’s policy promises of tax cuts and less regulation,” Doyle continued. “When you combine this with the Republican Party’s recent pro-bitcoin policy stance, it’s easy to see why bitcoin is responding positively to the increasing likelihood of a second Trump presidency.”

Vance is one of the most ardent pro-bitcoin candidates on the ballot this fall. The venture capitalist recently introduced a bill to overhaul U.S. crypto regulations that would change how the country regulates digital assets. “The Vance bill is much, much better now,” he said. [than existing U.S. regulation on digital assets]”A lobbyist told Politico. Vance is also a member of the influential Senate Banking Committee, which has examined proposals related to the digital asset sector in the past.

“Vance’s support for crypto shows these voters that the Trump campaign is forward-thinking and committed to embracing innovation,” said Nigel Green of the deVere Group. “This is in sharp contrast to President Biden, who will alienate younger voters due to his age and perceived reluctance to fully endorse the crypto revolution.”

Vance’s nomination has been called a “net positive” for crypto by analysts. “First of all, it makes it more likely that regulatory leaders will take a more sympathetic stance toward the industry,” Two Prime CEO Alexander Blume told TheStreet Crypto. “Vance has previously made comments that Gary Gensler regulates the industry in the exact opposite way it should be, with overly politicized decision-making processes that stifle innovation.”

The story continues

You are. @JDVance1 Speaking at RemedyFest hosted by Bloomberg, a speaker criticized SEC Chairman Gensler’s approach to crypto regulation:

“If Biden is the worst candidate [admin]…[it’s] Gary Gensler” pic.twitter.com/NfS0ijX9uV

— Aaron J. B. Kofsky (@AaronJBKofsky) February 27, 2024

“Overall, his policies and comments align more with open market capitalism and libertarian fiscal policy,” Blume added. “With the recent Chevron decision, the new administration is equipped with the leadership and legal decisions to reverse its stance on digital assets.”

Uncategorized

Leave a Reply

Your email address will not be published. Required fields are marked *