Donald Trump taps Bitcoin enthusiast Senator J.D. Vance as his running mate for the 2024 election. The former president announced on Monday via his Truth Social account. In his post, Trump lauded Vance's military service, academic achievements, and career in tech and finance.
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He wrote:
J.D. has had a highly successful career in technology and finance, and now, during the campaign, he will be focused on the people he has so brilliantly championed — American workers and farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and beyond.
Vance's Pro-Crypto Legislative Agenda
Since his election to the Senate in 2022, J.D. Vance, a Yale Law School graduate and the author of "Hillbilly Elegy," has been a consistent supporter of Bitcoin. His enthusiasm for digital assets is evident in his legislative efforts.
Vance introduced and supported a bill in the Senate favoring digital assets. He opposes the hardline regulatory approach of SEC Chairman Gary Gensler.
In February, Vance penned a letter to Gensler, along with several other Republican senators, expressing concern over an enforcement action against crypto company Debt Box. In that case, a judge found that SEC lawyers had used false statements to justify freezing the company's assets and bank accounts.
It is unthinkable that any federal agency... could act in such an unethical and unprofessional manner. Trust is eroded, and episodes like the DEBT Box case jeopardize your mission.
Additionally, Vance's stance to vote for the repeal of Staff Accounting Bulletin 121 (SAB 121), which limits certain financial institutions from holding digital assets, showcases his commitment to a crypto-friendly regulatory environment. Moreover, according to federal financial disclosures, Vance made personal investments in Bitcoin ranging from $100,001 to $250,000.
Crypto Leaders Cheer Vance's VP Nomination
Prominent figures in the crypto industry have expressed their support for Vance's candidacy. Nic Carter, founder of Castle Island Ventures, expressed his approval of Trump's decision on his social media account.
J.D. is an excellent pick, a former venture capitalist, and he's great with cryptocurrency. Trump 2.0 signals pro-technology, pro-Silicon Valley, pro-American dynamism.
jokes aside JD 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.
— nic carter (@nic__carter) July 15, 2024
Charles Hoskinson, founder of Cardano, also lauded 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 crypto industry. [...] Overall, it's a solid choice for our industry, and hopefully, someone who can advise Trump on crypto policy in a way that benefits the industry as a whole and the American people.
Beyond the crypto community, entrepreneurs are backing Trump's decision. Musk, the CEO of Tesla and SpaceX and one of the world's richest individuals, publicly supported Trump's choice of Ohio Senator J.D. Vance as his running mate for the 2024 national election.
Congratulations @JDVance1!
— Elon Musk (@elonmusk) July 15, 2024
Excellent decision by @realDonaldTrump.
Community Doubts Trump's Sincerity
Trump's decision is driven by Vance's support for Bitcoin and the broader crypto industry. It highlights a strategic shift towards the growing influence of cryptocurrencies in politics. However, not everyone in the crypto world buys into the former president's sincerity.
Arthur Hayes, founder of BitMEX, offered a critical perspective, suggesting that Trump's support for cryptocurrency is politically motivated. Hayes emphasized that Trump's pivot is aimed at capturing the votes of the crypto community in key swing states, rather than reflecting genuine belief. Hayes wrote:
Given that a few thousand votes will decide the election in several states, Trump and the Republican Party are sweet-talking the crypto community. I doubt Trump's sincerity. He cares about getting elected and will say anything to get your vote. If Biden and the Democrats were pro-crypto, Trump would be anti-crypto. It's just smart politics.
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While Vance's strong advocacy for Bitcoin and digital assets has earned him praise from prominent figures in the crypto industry and beyond, skepticism remains regarding Trump's true intentions.
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