Industry experts and commenters seem to agree that J.D. Vance, the US Vice President pick made by the former President and current Presidential hopeful, Donald Trump, is good news—at least for crypto, at least for now.
Donald Trump, who was recently found guilty of 34 counts in a Manhattan court, is back on the campaign trail for the 2024 US elections.
This week, the presumptive GOP nominee chose a Trump-critic-turned-Trump-supporter, Ohio Senator J.D. Vance, as his running mate.
As was the case with Trump himself, the crypto space has now turned its attention to the VP hopeful and his possible impact on the industry.
According to Dylan Bane, Enterprise research analyst at blockchain analytics and research firm Messari, “while much is still uncertain in this unprecedented election, Vance seems to bode well for the crypto industry.”
@JDVance1 will be Trump’s Crypto Tsar and might outright abolish the SEC.
Not an exaggeration (mostly).
What J.D. Vance as Vice President could mean for crypto. pic.twitter.com/TDjhoPrHa2
— Dylan Bane (@dylangbane) July 16, 2024
Crypto is ‘Ideal Policy Area for Vance to Take Lead On’
At the time of writing, Polymarket puts Trump’s odds of winning the election at 69%, compared to current President Joe Biden’s 19%. Additionally, there are calls for Biden to drop out of the race following the first debate in this election season.
Should Trump win, Vance is likely to become the country’s VP.
This Tuesday, Messari’s Bane discussed Vance’s potential impact on the crypto industry.
He noted that in the USA, vice presidents have limited power to drive policy. The president usually assigns them secondary policy objectives to improve their record for future elections.
And Trump himself has limited knowledge – if any – of blockchain, crypto, and the legislation that should cover these.
That said, according to Bane, Trump has embraced a pro-crypto platform, but crypto is a secondary issue for his campaign.
Therefore, argued Bane, this is “an ideal policy area for Vance to take the lead on.”
(3/9) Consider the following:
1. Vance is introducing crypto legislation in the Senate, which industry advocates say “is much, much better” than the already favorable FIT-21 bill passed by the House in May. pic.twitter.com/rLFenQDBhk
— Dylan Bane (@dylangbane) July 16, 2024
‘The Face of Crypto Policy’
The positive news for the industry is that Vance seems to be its supporter.
According to Bane, Vance is “well-positioned to be the administration’s face of crypto policy.”
Bane offered examples from Vance’s background and track record.
First, the potential future VP is the first candidate in a presidential race to hold crypto. He owns between $100,000 and $250,000 in BTC on Coinbase.
Trump has named Ohio Senator J.D. Vance as his vice presidential candidate. Vance, a former venture capitalist, is one of the lawmakers who supports cryptocurrency and owns between $100,001 and $250,000 worth of Bitcoin through Coinbase as of 2022. https://t.co/yyDDiIiDva.
— Wu Blockchain (@WuBlockchain) July 16, 2024
Next, Vance is introducing crypto legislation in the Senate, which industry advocates find to be “better” than the bill the House passed in May.
Additionally, unlike in politics, in the cryptosphere, his age works for him, not against him. The 39-year-old also has VC experience in the tech industry at Peter Thiel’s Mithril Capital.
Another positive aspect is that Vance has been critical of the US Securities and Exchanges Commission (SEC) Commissioner Gary Gensler. He argued that “the approach that Gary has taken to regulating blockchain and crypto is the exact opposite of what it should be.”
(6/9)
For context, Vance has previously stated that Trump should “fire every single mid-level bureaucrat, every civil servant in the administrative state, replace them with our people.” Connect the dots for what that means for the SEC. pic.twitter.com/eZmA4W7Fls
— Dylan Bane (@dylangbane) July 16, 2024
Bitcoin Rises on Trump/Vance and BlackRock News
Bitcoin (BTC) has increased 3.1% over the past 24 hours. It’s currently trading at $65,690.
It appreciated nearly 11% in a week and is down 1% in a month. Overall, the coin’s price saw a 117% increase over the past year.
BTC 7-day price chart:
William Ralston Saul, the founder of crypto boot camp Incrypto Hub and CEO of Jade City, a company focused on tokenizing real-world assets (RWAs), commented on the VP pick’s potential impact on the BTC price.
He argued that the “surge in Bitcoin’s price is a testament to growing optimism within the crypto community regarding the potential for more favourable regulatory conditions in the United States.”
This is why crypto is taking off. The regime will cut off your access to banking if you have the wrong politics. https://t.co/C88DCsehnN
— J.D. Vance (@JDVance1) February 15, 2022
Trump’s possible re-election, the recent announcement that he chose crypto-friendly Vance as his vice presidential candidate, and “the world’s largest asset manager, BlackRock, confirming its position as the largest public holder of Bitcoin are significant factors contributing to this positive sentiment,” William Ralston Saul said.
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