Former President Donald Trump has selected Ohio Senator J.D. Vance as his vice presidential candidate for the 2024 election.
Trump’s decision stems from Vance’s support for Bitcoin and the broader crypto industry. Moreover, it highlights a strategic shift toward crypto’s growing influence in politics.
Crypto Leaders Applaud Vance’s VP Nomination
Trump announced this on Monday via his Truth Social account. In the post, Trump praised Vance’s military service, academic achievements, and career in technology and finance.
“J.D. has had a very successful business career in Technology and Finance, and now, during the Campaign, will be strongly focused on the people he fought so brilliantly for, the American Workers and Farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and far beyond,” he wrote.
As a Yale Law School graduate and author of “Hillbilly Elegy,” Vance has been a vocal supporter of Bitcoin since his election to the Senate in 2022. His advocacy for digital assets is evident through his legislative efforts.
Vance has introduced and supported legislation in the Senate favoring digital assets. He opposes US Securities and Exchange Commission (SEC) Chairman Gary Gensler’s stringent regulatory approach.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Furthermore, Vance’s stance to vote on repealing Staff Accounting Bulletin 121 (SAB 121), which restricts certain financial institutions from holding digital assets, demonstrates his commitment to a crypto-friendly regulatory environment. Additionally, according to federal financial disclosures, Vance has made a personal investment in Bitcoin, ranging between $100,001 and $250,000.
Prominent figures in the crypto industry have expressed support for Vance’s candidacy. Nic Carter, founder of Castle Island Ventures, praised Trump’s choice on his X account.
“J.D. is a great choice, former VC, and very good on crypto. Trump 2.0 is signaling a pro-tech, pro-Silicon Valley, pro-American dynamism outlook,” Carter wrote.
Shubh Varma, Co-Founder and CEO of Hyblock Capital, shares this stance. He believes that the current events may affect the market in the long term.
“Donald Trump’s selection of J.D. Vance, a known crypto holder, as a VP candidate signals potential regulatory support for crypto. This political development further bolsters investor confidence in the long-term viability of cryptocurrencies. Current crypto holders are now seeing multiple positive narratives playing out, providing strong reasons to hold onto their assets until at least Q1 2025, if not longer,” Varma told BeInCrypto.
Charles Hoskinson, founder of Cardano, also commended Vance’s pro-crypto stance in a recent video. He acknowledged Vance’s significant contributions to the industry.
“He’s been a good friend to the cryptocurrency industry. […] So overall a good pick for our industry as a whole, and hopefully someone who can advise Trump, should he win on crypto policy in a way that would benefit the industry as a whole and the American people as a whole,” Hoskinson stated.
Trump Embraces Crypto: Genuine Shift or Political Move?
Trump’s campaign has increasingly branded itself as crypto-friendly. The former president has supported the industry through various gestures, including accepting cryptocurrency donations and speaking at the Bitcoin Conference 2024 in Nashville.
His efforts appear to be bearing fruit, garnering backing from several key industry figures. BeInCrypto reported earlier that the Winklevoss twins, the founders of crypto exchange Gemini, have donated $2 million in Bitcoin for Trump’s campaign. Additionally, 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 shifting stance on Bitcoin and the crypto industry is noteworthy. In 2019, he publicly denounced Bitcoin and cryptocurrencies as “not money” and “based on thin air.” Thus, this change raises questions about his sincerity and potential policy changes.
Read more: How Can Blockchain Be Used for Voting in 2024?
Arthur Hayes, founder of BitMEX, offered a critical perspective, suggesting that Trump’s support for crypto is politically motivated. Hayes emphasized that Trump’s pivot aims to capture votes from the crypto community in key swing states, rather than reflecting genuine belief.
“Given that a few thousand votes will decide the election in a handful of states, Trump and the Republican party are speaking pleasantries about crypto. I doubt the sincerity of Trump. He cares about getting elected and will say whatever it takes to get your vote. If Biden and the Democrats were pro-crypto, Trump would be anti-crypto. It’s just good politics,” Hayes said in his recent blog post.
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