Former President Donald Trump has selected Sen. J.D. Vance of Ohio as his vice presidential running mate, and like Trump, Vance is a crypto-friendly candidate. In a 2022 financial disclosure, Vance reported owning holdings in Bitcoin through Coinbase valued between $100,001 and $250,000.
Trump has positioned himself as a pro-cryptocurrency candidate ahead of the November general election. Vance, who was first elected to the Senate in 2022, supported legislation to overturn a Securities and Exchange Commission rule on banks reporting cryptocurrency as a liability on their balance sheets — an action President Joe Biden opposed. More recently, Politico reports, Vance drafted legislation that aims to revamp how the U.S. regulates digital assets.
Neil Roarty, an analyst at the investment platform Stocklytics, said in an email that it was not surprising to see a slight rally in crypto markets following Trump’s announcement of Vance as his VP pick on Monday.
“With Vance next to Trump in the White House — an outcome that’s looking increasingly likely —there is a sense that pro-crypto policy could be on the agenda come 2025,” Roarty said.
A 2022 tweet from Vance on why cryptocurrency was gaining traction at the time is also receiving renewed attention this week. And a video has resurfaced online in which Vance criticizes SEC Chair Gary Gensler. In the video, Vance says Gensler’s approach to crypto regulation is the opposite of what it should be. He calls cryptocurrencies a tool against government overreach and says he holds a significant Bitcoin investment.
Vance, a 39-year-old veteran of the Iraq War, was elected to the Senate thanks to the backing of Trump and the financial support of his former boss and ally, Peter Thiel. Vance first met Thiel during his first year at Yale Law.
After a three-year stint at Sidley Austin LLP, Vance moved to San Francisco, where his work as a venture capitalist — and ties with some of Silicon Valley’s most powerful men — would begin to form. He briefly worked for Thiel’s Mithril Capital before joining AOL founder Stephen Case’s venture capital firm, Revolution, in Washington, D.C.
–William Gavin contributed to this article.
