Regulation
Trump’s Vice President Could Be the Face of Cryptocurrency Regulation in the US: Here’s How ⋆ ZyCrypto
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Two days after his attempted assassination, Republican candidate Donald Trump named Senator J.D. Vance as his running mate, a move that could have far-reaching consequences for the cryptocurrency ecosystem.
Since Vance ran as a vice presidential candidate at the Republican National Convention (RNC), political analysts have been poring over his archives, but his views on digital assets have created a stir in the arena. According to recent revelations, Vance is staunchly pro-crypto, holding between $100K and $250K in BTC on Coinbase.
The Ohio senator has a long record of supporting virtual currency legislation in Congress, including voting in favor of a joint resolution to block the Securities and Exchange Commission (SEC) from requiring financial institutions to report digital assets as liabilities. However, he appears to be adamantly opposed to the concept of a central bank digital currency (CBDC) in the United States due to concerns that the government will restrict citizens’ access to funds.
“This is why cryptocurrencies are taking off,” Vance wrote on X. “The regime will cut off your access to banking if you have the wrong policy.”
Vance is currently spearheading a new virtual currency bill in the Senate that is widely seen as strong in its investor protection provisions. His pro-crypto crusade has seen him attack SEC Chairman Gary Gensler for allegedly “witch-hunting” service providers in the industry.
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“Gary’s approach to regulating blockchain and cryptocurrency is the exact opposite of what it should be,” Vance said in a private conference in February.
The Face of Cryptocurrency Regulation
Forecasting site Polymarket has Trump in pole position to emerge victorious at the polls, with the former president’s chances pegged at 71%. Should Trump win the polls, experts say cryptocurrency regulation will be delegated to Vance as vice president.
While vice presidents have limited power to steer policy in key areas of the economy, Trump could delegate authority to Vance to handle the issue of virtual currency regulation, since it is not a primary campaign issue. Vance’s record as a VC in the tech sector could prove pivotal for the Trump administration, which seeks to make the United States a global leader in the space.
Although Trump has established working knowledge of virtual assets, there is speculation that the former president may not fully understand what comprehensive regulation for the sector would entail. In contrast, Vance has enough money on the line to shape national policy on digital assets. However, critics point to his lack of political experience as a potential liability for Republicans.