Trump Picks Crypto-Friendly Sen. J.D. Vance as Vice Presidential Candidate

Former President Donald Trump has announced that he has selected cryptocurrency-friendly Senator J.D. Vance (R-Ohio) as his vice presidential candidate.

According to his latest federal financial disclosure, Vance, a businessman-turned-politician, owns between $100,000 and $250,000 in bitcoin.

Trump, Vance United Front on Cryptocurrencies

Earlier this year, former President Trump’s stance on cryptocurrencies shifted from skepticism to support. In May, his team began accepting donations in various cryptocurrencies through Coinbase. He was also vocal about the industry during his campaign, pledging his support for it.

While Trump’s lead is widening in nearly every post-debate poll, one advocacy group still believes Biden has a “pivotal opportunity” to change his stance on cryptocurrencies to lead.

Meanwhile, Vance disclosed in his mandatory 2022 annual report, filed in October 2023, that he holds his bitcoin on Coinbase and maintains accounts with brokerage firms Robinhood and Charles Schwab.

Vance has yet to file financial disclosures for 2023. However, his past efforts to bring clearer legislation to the crypto space have made him a favorite among crypto leaders.

He recently drafted a bill to revamp how the U.S. regulates digital assets, which sources say would be more favorable to cryptocurrencies than the bill the House passed in June.

Vance has been active in crypto legislation.

Senator J.D. Vance, the first millennial to run for president of a major party, brings a generational shift to the race, including a strong stance on cryptocurrencies.

He voted to repeal the controversial SEC Accounting Bulletin SAB 121, which bars some banks and broker-dealers from holding digital assets. Although the repeal narrowly passed both houses of Congress in May, it was ultimately vetoed by President Biden.

In February, Vance wrote a letter to SEC Chairman Gary Gensler along with several Republican senators. They expressed concerns about an enforcement case against cryptocurrency company Debt Box. The judge found that SEC lawyers used false statements to justify freezing the company’s assets and bank accounts.

Vance also criticized Gensler’s approach to regulating crypto and blockchain technology, accusing him of injecting politics into the securities business and taking the wrong approach to regulation.

Meanwhile, former President Trump is set to be a featured speaker at the largest Bitcoin conference next week in Nashville. There, he is expected to outline his plans to support blockchain technology, support the right to self-custodial custody of digital assets, and prevent the creation of a central bank digital currency (CBDC).