Two days after his assassination attempt, Republican candidate Donald Trump named Senator J.D. Vance as his running mate, a move that could have far-reaching consequences on the cryptocurrency ecosystem.
Since Vance’s unveiling as vice presidential candidate at the Republican National Convention (RNC), political analysts have scoured his records, but his views on digital assets have created a buzz in the arena. According to recent disclosures, Vance is staunchly pro-crypto, holding between $100K and $250K worth of BTC on Coinbase.
The Ohio senator has a long streak of supporting virtual currency legislation in Congress, including a vote in favor of a joint resolution to stop the Securities and Exchange Commission (SEC) from demanding financial institutions report digital assets as liabilities. However, he appears to be firmly against the concept of a central bank digital currency (CBDC) in the US because of fears that the government will limit access to citizens’ funds.
“This is why crypto is taking off,” wrote Vance on X. “The regime will cut off your access to banking if you have the wrong politics.”
At the moment, Vance is spearheading a new virtual currency regulation in the Senate that is widely considered robust in its provisions for investors’ protection. His crusade in favor of cryptocurrencies has seen him take swipes at SEC Chair Gary Gensler over the perceived “witchhunt” against industry service providers.
“The approach that Gary has taken to regulating blockchain and crypto is the exact opposite of what it should be,” said Vance at a private conference in February.
The face of crypto regulation
Prediction site Polymarket places Trump in a pole position to emerge victorious at the polls, with the ex-president’s chances pegged at 71%. In the event that Trump wins at the polls, pundits argue that cryptocurrency regulation will be delegated to Vance as vice president.
While vice presidents possess limited power to drive policy on key areas of the economy, Trump may delegate authority to Vance to run point on virtual currency regulation as it is not a primary campaign issue. Vance’s record as a VC in tech could come in clutch for the Trump administration as it seeks to make the US the global leader in the space.
Although Trump has demonstrated a working understanding of virtual assets, there is speculation that the ex-president may not fully grasp what a comprehensive rule book for the industry should entail. Conversely, Vance has sufficient skin in the game to shape national policy on digital assets. Still, critics point to his lack of political experience as a potential downside for the Republicans.
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