Regulation
Donald Trump’s Pick for Vice President Is a Bitcoin Holder
Former President Donald Trump has chosen Ohio Senator J.D. Vance as his vice presidential nominee for the 2024 election.
Trump’s move stems from Vance’s support for Bitcoin and the broader cryptocurrency industry. It also highlights a strategic shift toward cryptocurrency’s growing influence in politics.
Cryptocurrency Leaders Cheer Vance’s Appointment as Vice President
Trump announced the news on Monday via his Truth Social account. In the post, Trump praised Vance’s military service, academic achievements, and career in technology and finance.
“JD has had a very successful business career in technology and finance, and now, during the campaign, he will focus strongly on the people he fought so brilliantly for, America’s workers and farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota and far beyond,” he said. he wrote.
To know more: Cryptocurrency Regulation: What Are the Pros and Cons?
A Yale Law School graduate and author of “Hillbilly Elegy,” Vance has been an ardent supporter of Bitcoin since his election to the Senate in 2022. His support for digital assets is evident through his legislative efforts.
Vance introduced and supported a bill in the Senate in favor of digital assets. He opposes the chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler’s Rigorous Regulatory Approach.
Furthermore, Vance’s position vote for the repeal of the Personnel Accounting Bulletin 121 (SAB 121)that restricts certain financial institutions from holding digital assets, demonstrates its commitment to a crypto-friendly regulatory environment. Additionally, according to federal financial disclosures, Vance has Done a personal investment in Bitcoin, between $100,001 and $250,000.
Prominent figures in the cryptocurrency industry have expressed support for Vance’s candidacy. Nic Carter, founder of Castle Island Ventures, praised Trump’s choice on his X account.
“JD is a great pick, ex-VC, and very good at crypto. Trump 2.0 is signaling a dynamic, pro-tech, pro-Silicon Valley, pro-America outlook,” Carter he wrote.
Cardano founder Charles Hoskinson also praised Vance’s pro-crypto stance in a recent video. He acknowledged Vance’s significant contributions to the industry.
“He has been a good friend to the cryptocurrency industry. […] So overall, a good fit for our industry as a whole and hopefully someone who can advise Trump, should he win on cryptocurrency policy, in a way that benefits the industry as a whole and the American people as a whole,” Hoskinson said.
Italian: https://www.youtube.com/watch?v=kJso6W5Y4Ps
Trump Embraces Cryptocurrencies: Real Shift or Political Move?
Trump’s campaign has increasingly defined itself as crypto-friendly. The former president has supported the sector through various gestures, including accept cryptocurrency donations AND speaking at the Bitcoin Conference 2024 in Nashville.
His efforts appear to be paying off, with support from several key industry figures. BeInCrypto previously reported that the Winklevoss twins, founders of crypto exchange Gemini, They donated $2 million in Bitcoin to Trump’s campaignFurthermore, a recent report by the Washington Post revealed that David Bailey, CEO of Bitcoin Magazine, will hold a fundraiser for Trump later this month.
Given his previous skepticism, Trump’s shift in stance on Bitcoin and the cryptocurrency industry is noteworthy. In 2019, he publicly denounced Bitcoin and cryptocurrencies as “not money” and “based on nothing.” Therefore, this shift raises questions about his sincerity and potential policy changes.
To know more: How can Blockchain technology be used for voting in 2024?
Arthur Hayes, founder of BitMEX, offered a critical perspective, suggesting that Trump’s support for cryptocurrencies is politically motivated. Hayes pointed out that Trump’s pivot is aimed at capturing the crypto community’s votes in key swing states, rather than reflecting genuine belief.
“Since a few thousand votes will decide the election in a handful of states, Trump and the Republican Party are talking niceties about cryptocurrency. I doubt Trump’s sincerity. He cares about getting elected and will say anything to get your vote. If Biden and the Democrats were pro-crypto, Trump would be anti-crypto. It’s just good politics,” Hayes She said in his recent blog post.
Disclaimer
All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader upon the information found on our website is strictly at his or her own risk.