Regulation
Cryptocurrency Policy With Trump’s Vice Presidential Pick: What to Expect
Republican presidential candidate Donald Trump announced on July 15 via Truth Social that Senator J.D. Vance, a well-known cryptocurrency advocate, will join his ticket as a vice presidential candidate in the 2024 election. The move could herald a profound shift 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, R-Ohio, has demonstrated his commitment to the cryptocurrency industry through both personal investments and legislative actions. His 2022 financial disclosure report reveals a Bitcoin investment valued between $100,001 and $250,000, held through Coinbase. On the legislative front, Vance has voted in favor of several pro-cryptocurrency bills.
As a result, the industry response has been overwhelmingly positive. Industry figures have expressed optimism about the potential impact of Vance’s appointment on U.S. cryptocurrency policy.
FOX Business reporter Eleanor Terrett highlighted Vance’s track record, saying, “The Republican ticket for the 2024 presidential election is pro-crypto. Trump’s running mate. JD Vance has a strong pro-crypto track record: He voted to repeal SAB 121, criticized the SEC for The Debt Box IncidentIn 2023, he introduced a bill to improve banking regulation and ensure that clients like cryptocurrency firms and weapons manufacturers are not discriminated against, in 2022, Vance disclosed BTC holdings of up to $250K.”
Bitcoin OG Jameson Lopp confirmed Vance’s personal commitment: “Trump’s vice president pick, JD Vance, is a bitcoiner, according to his most recent financial disclosure last year.”
Gabor Gurbacs, founder of PointsVille and strategist at Tether, expressed his anticipation for Vance’s potential influence, commenting, “JD Vance is 39 and pro-Bitcoin. That’s all there is to it. Change is coming.”
Tushar Jain, Managing Partner at Multicoin Capital, simply said, “One of us!” and reposted a post from JD Vance from February 2022 that said, “This is why crypto is taking off. The regime will cut off your access to banks if you have the wrong policy.”
Senator Vance’s approach to Bitcoin and digital assets, as reflected in his voting record and public statements, suggests he views digital assets not just as financial instruments, but as tools to enhance personal sovereignty and reduce government overreach. Sam Lyman of Riot Platforms Inc. echoed this sentiment, noting: “The Trump-Vance ticket = a profound sea change for the digital assets industry.”
He added, “DJT wants all remaining Bitcoin to be ‘made in USA’ as part of a national strategy to achieve energy dominance. Vance, meanwhile, felt that SUITABLE 21 wasn’t friendly enough to cryptocurrencies, so he drafted his own proposal to weaken the SEC. TLDR: This is the ticket of choice for anyone who believes in self-sovereignty and the freedom to transact.”
Travis Kling of Ikigai Asset Management underlined the understated market implications of Vance’s position: “A huge shift. Not even remotely priced in here.”
Furthermore, Vance’s criticism of the current SEC chairman Gary Gensler’s Management of cryptocurrency regulation, as discussed by Bloomberg ETF analyst James Seyffart and Consensys attorney Bill Hughes, highlights a fundamental disagreement with current regulatory approaches.
Seyffart commented via X, “JD Vance is not a fan of Gary Gensler or his approach to crypto regulation.” Hughes highlighted Vance’s perspective, stating, “Ohio Senator JD Vance on Gensler: He’s very, very, very political in his securities regulation. He has it backwards in wanting to ban utility tokens and apparently doesn’t care about non-utility tokens.”
At press time, Bitcoin was trading at $64,399.
Featured image by X @SamLyman33, chart by TradingView.com