Vance has been actively gunning for pro-crypto policies and had voted for the repeal of the controversial SAB 121 accounting rule for crypto. He also criticized SEC chair Gary Gensler for politicizing the securities business.
On Monday, July 15, former US President Donald Trump announced that he would be selecting tech-savvy and pro-crypto J.D. Vance as the vice presidential candidate from the Republican party for the upcoming elections.
Throughout this presidential campaign, Donald Trump has vowed to support the crypto community and bring crypto-friendly policies if becomes the next US President. J.D. Vance also brings his own credence to the crypto space.
After becoming a Senate member in 2022, Vance has been speaking in favor of pro-crypto legislation and has also made Bitcoin investments worth $100,000 and above.
Trump’s VP pick @JDVance1 holds over $100K-$250K in $BTC according his latest financial disclosures.
I wanna know which member of Congress/Congressional candidate owns the most Bitcoin. 🤔 https://t.co/hm5BfJF3by pic.twitter.com/9DGUy1d0bj
— Eleanor Terrett (@EleanorTerrett) July 16, 2024
J.D. Vance’s Support to Crypto Industry
J.D. Vance is the first millennial to get the Presidential ticket and has repeatedly spoken about having crypto-friendly policies. Recently, Vance voted to remove the US SEC’s controversial staff accounting bulletin, SAB 121, which restricts certain banks and broker-dealers from holding digital assets. However, the Biden administration vetoed the bill despite it passing both Chambers of Congress with a full majority.
Earlier this year in February, Vance along with other GOP members sent a letter to SEC chair Gary Gensler, and expressed concerns over the enforcement case against crypto firm Debt Box. A judge had found that SEC lawyers used false statements to justify freezing the company’s assets and bank accounts.
“It is unconscionable that any federal agency…could operate in such an unethical and unprofessional manner,” Vance wrote. “…trust is undermined, and your mission compromised, by episodes like the DEBT Box case.”
Vance has been vocal in criticizing Gensler’s approach to regulating crypto and blockchain technology, accusing him of overly politicizing the securities business. He described Gensler’s regulatory tactics as “the exact opposite of what it should be.”
Last year, Vance also introduced a bill in the Senate dubbed the Financial Regulatory Accountability Act. the goal of this bill was to prevent federal banking regulators from blocking crypto firms’ banking access. Speaking to Fox Business, Sam Lyman, Director of Public Policy at Riot Platforms, said that “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,” he added.
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