KEY POINTS
- Vance previously slammed Canada's Emergencies Act, saying it is the reason why crypto is rising
- Vance has Bitcoin holdings through Coinbase and has called out Gensler for his regulatory approach
- The Ohio senator has had a more open-minded approach toward cryptocurrencies
Following a wild weekend in Pennsylvania, Republican presidential candidate Donald Trump has chosen Sen. J.D. Vance of Ohio to become his running mate, raising the most important question at the moment in the cryptocurrency industry – will Vance be good for the burgeoning sector?
Trump declares Vance his running mate
The business mogul, who was shot in the upper ear by a gunman during a rally in Butler Saturday, on Monday said he believes Vance "is the person best suited to assume the position of Vice President of the United States."
GOP figures such as Sen. Marco Rubio and North Dakota Gov. Doug Burgum expressed support for Trump's VP choice. Tech titan Elon Musk – a huge Dogecoin ($DOGE) fan – also said he believes it was an "excellent decision."
Congratulations @JDVance1!
— Elon Musk (@elonmusk) July 15, 2024
Excellent decision by @realDonaldTrump.
What Vance has said so far about crypto
Early in 2022, Vance commented on Canada's Emergencies Act, saying it is "why crypto is taking off." He went on to say that the "regime will cut off your access to banking if you have the wrong politics."
This is why crypto is taking off. The regime will cut off your access to banking if you have the wrong politics. https://t.co/C88DCsehnN
— J.D. Vance (@JDVance1) February 15, 2022
At the time, Canada's Deputy Prime Minister and Minister of Finance said banks can immediately freeze or suspend accounts without a court order so "they will be protected against civil liability for actions taken in good faith."
Also, in his 2022 financial disclosure, Vance revealed he had Bitcoin holdings through cryptocurrency exchange giant Coinbase.
Consensys lawyer Bill Hughes released a video of Vance in February, wherein the young politician expressed his dislike of Gensler. "He wants to inject politics way too much into the actual business of securities in the United States," Vance pointed out. He added that Gensler's crypto regulation is "the exact opposite" of what ideal regulation should be for the emerging industry.
👀👀👀 NEW VIDEO
— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) February 27, 2024
Ohio Senator JD Vance on Gensler:
He is way way way too political in his regulation of securities.
He has it backwards when wanting to ban useful tokens and seemingly not caring about those without specific utility.
Sen. Vance sees blockchain as key to… pic.twitter.com/yKoNmk4Bm4
Biggest crypto move yet
Multiple outlets reported that Vance was among the senators who voted in favor of a resolution that should have overturned the U.S. Securities and Exchange Commission's (SEC) very controversial Staff Accounting Bulletin 121. U.S. President Joe Biden has since vetoed the said proposed legislation that required banks to report customers' crypto on their balance sheets.
What the crypto community is saying
The crypto community has called Vance a "pro-crypto" candidate. Several prominent figures in the industry believe Trump made the right choice to pick Vance as his running mate and their tandem could be beneficial for cryptocurrency users.
Prominent investor Ryan Sean Adams referred to Vance as someone who "strongly supports crypto" and someone who "slammed [SEC Chair Gary] Gensler in open letters."
JD Vance is Trump's VP pick and the likely next Vice President.
— RYAN SΞAN ADAMS - rsa.eth 🦄 (@RyanSAdams) July 15, 2024
He strongly supports crypto.
He voted for SAB121 repeal.
He's a holder - owned $250k bitcoin 2022 - likely more now.
He's slammed gensler in open letters.
Further evidence that Trump white house is pro-crypto. pic.twitter.com/lfbytKYII4
Riot Platforms' Public Policy Director Sam Lyman said he believes "Trump-Vance would be the most pro-crypto ticket imaginable" for the 2024 elections.
For context: Trump-Vance would be the most pro-crypto ticket imaginable.
— Sam Lyman (@SamLyman33) July 15, 2024
It would ensure that America would be the home of digital asset innovation for the next decade 🇺🇸
The current admin has laid siege to our industry—but they’re about to lose big time. https://t.co/6SHGH2aEJs
Vance to champion crypto?
While the future of the crypto industry under a potential Vance Vice Presidency cannot be exactly known since people do change, so far, it appears Trump's VP pick can pave the way for good changes within the government's approach toward crypto.
JD Vance is the best pick for VP
— Lola (@CryptoLollla) July 15, 2024
Not just a young conservative but
he technologically sounds like me lol.
I will not be surprised if he got #SHIB too
He said CRYPTO not just BTC and that is important! . He believes in technology and innovation but also believe in consumer… pic.twitter.com/WU2XefV86X
In February last year, he told other lawmakers that his "basic bias" over crypto is the fact that the government doesn't really know much about Web3 and blockchain technology yet. For the crypto space, his open-minded approach and language about crypto – so far – could be promising.
