Days after he survived a daring assassination attempt, former president Donald Trump announced Ohio senator JD Vance, a fierce crypto advocate, as his running mate for the upcoming U.S. presidential elections, thereby upping the ante.
With Vance getting nominated for the Vice President’s post, both he and Trump now symbolise the friendliest, pro-crypto advocates for this year’s presidential polls. Vance also has quarter to a million USD investment in BTC and if he wins the race with Trump, he could very well become the first “Bitcoiner” Vice President in U.S.
The decision to appoint 39-year-old Vance as the running mate for Trump came as a shocker for many, who were expecting the 45th U.S. president to bank on his trusted lieutenants.
However, the crypto world was buzzing with excitement over the announcement as within hours, a memecoin JDV named after Vance was launched and saw a staggering 410% rise in value within hours.
A major reason behind Vance getting traction from the crypto community is his support for cryptocurrencies, criticism of traditional finance structures, and huge advocacy for Trump’s policies.
With Trump and Vance teaming up for the presidential elections, crypto lovers can now expect a tectonic shift in America’s regulatory roadmap for digital assets, if they are chosen to power.
Who is JD Vance?
JD Vance, or James David Vance, is a 39 years old senator from Ohio, who is also known for his best-selling book ‘Hillbilly Elegy’, which was an eulogy to Trump during his successful run for the presidential elections in 2016.
Vance was born and raised in Middletown, Ohio. He attended Yale Law School and Ohio State University before joining the Marine Corps and serving time in Iraq.
After that, he worked for an investment firm in Silicon Valley before moving back to Ohio to start a nonprofit organization that, according to him, would seek to provide opioid addiction therapies that could be “scaled nationally.”
After winning a Senate seat in 2022, backed by Donald Trump, Vance has emerged as one of the most ardent supporters of the former president’s “Make America Great Again” (MAGA) policy especially regarding immigration, trade, and foreign affairs.
When it comes to crypto, it is worth noting that JD Vance has reportedly planned to introduce draft legislation that would alter the methods used by the Securities and Exchange Commission ( SEC ) and the CFTC (Commodity Futures Trading Commission) to oversee the cryptocurrency market in the United States.
Politico notes that Vance has been working on a bill to rewrite American digital asset laws. His plan with the bill is to overhaul how the SEC and CFTC police the crypto market. A Crypto Times News report also claims that this bill would be even more favourable to cryptocurrency than the one that the House approved in June.
JD Vance could be the first Bitcoiner VP in U.S.
As it happens, Vance is a former venture capitalist with a personal stake in increasing public acceptance of cryptocurrency assets. According to the US Senate Financial Disclosures for Calendar 2022, he disclosed owning up to $250,000 in Bitcoin last year.
In fact, according to the research mentioned above, JD Vance’s net worth is projected to be between $3.75 million and $10.495 million due to his significant ownership of the flagship decentralized finance (DeFi) asset, which he bought from Coinbase, one of the biggest cryptocurrency exchanges worldwide.
Additionally, Vance possesses Bitcoin in addition to a brokerage account with Robinhood, an exchange-traded fund (ETF) for crude oil worth up to $100,000, an ETF for gold worth up to $250,000, and a checking account with Charles Schwab for up to $250,000.
Why Trump chose JD Vance as running mate?
According to political analysts, the decision to nominate Vance as potential V.P. could be a strategy to win over the working-class and blue-collar American voters as the senator has portrayed himself as a former veteran who rose through the political ranks. Moreover, Vance has been known as a fierce advocate for Trump’s policies related to abortion, foreign trade, crypto, and a host of other topics.
With a pro-crypto stance, Vance would also like to seek the support of over 50 million registered voters who hold crypto assets in the U.S.
Also Read: Trump Has Emerged As Clear Favourite For Crypto Post Attack
Conclusion
The American cryptocurrency regulation landscape is intricate and confusing, with many agencies trying to assert their jurisdiction, much to the displeasure of crypto based organizations.
With Trump and Vance getting together as a “pro-crypto” team, the ball is in the court of Biden and the Democrats to make the next move, in order to win back the support of the crypto community..
