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- The crypto market stages a rally following reports that US presidential candidate Donald Trump has appointed a pro-crypto running mate.
- JD Vance is reported to own between $100,001 and $250,000 in Bitcoin, underscoring Trump’s commitment to boosting the industry with crypto-friendly regulations.
2024 US presidential candidate Donald Trump selects US Sen. JD Vance as his running mate despite years of pointed criticisms targeted at him. Fascinatingly, his selection comes just two days after surviving an assassination attempt and on the first day of the Republican National Convention.
After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio.
This development is reported to underscore Trump’s commitment to redefining the crypto industry with friendly regulations and making the US a centre of emerging technology.
In investigating the background of Vance, CNF observed that he is a strong believer in crypto as he owns between $100,001 and $250,000 worth of BTC. One of his notable contributions to this space includes his relentless support for pro-crypto legislation since his election to the Senate in 2022. On top of that, he has been an active critic of Gary Gensler’s led US Securities and Exchange Commission (SEC), especially, its enforcement actions taken against the industry.
Vance is also known to have made a pro-crypto tweet in response to the reports that Canada’s finance minister is freezing Bank accounts of Canadians protesting COVID-19 vaccine mandates in 2022.
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 Crypto Stance Over the Years
According to the Director of Public Policy at Riot Platforms Sam Lyman, the Trump-Vance winning tickets would be a huge challenge to anti-crypto teams like Massachusetts Senator Elizabeth Warren.
Senator Warren’s ‘anti-crypto army’ would be no match for a Trump-Vance presidency. This is the dream ticket for anyone who believes in self-sovereignty and the freedom to transact.
Trump, whose campaign message is centred on crypto adoption at a point in 2018 reportedly directed the then Treasury Secretary Steven Mnuchin to crack down on Bitcoin for fraud. In 2019, he declared that he was not a fan of Bitcoin (BTC) and other altcoins. His reason was that this asset class “was not money”, and its value was based “on thin air.” In 2021, he also labelled Bitcoin as a scam.
Today, his presidential campaign is accepting crypto donations with $2 million in Bitcoin received from Gemini crypto exchange co-founders Tyler and Cameron Winklevoss.
For now, $3 million in crypto fundraising has been raked, making him the first US presidential candidate to accept donations in crypto. Out of the total amount, $1.9 million was received in Bitcoin, with $900k received in Ether. The remaining amount was received in Dogecoin, Shiba Inu, and other altcoins.
According to Bernstein analysts led by Gautam Chhugani, his unexpected U-turn could see the crypto market interpreting his victory as a positive price-determining factor. Per our report, the unveiling of a pro-crypto running mate has already been a driving factor for Bitcoin’s current rally, surging by 3.7% in the last 24 hours and 11.8% in the last seven days. At press time, Bitcoin was trading at $65k.
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