Investors are weighing the possible impact of a win for Donald Trump (L) and his populist running mate JD Vance in November's presidential election
Donald Trump (L) picked J.D. Vance (R) as his running mate in November. AFP

KEY POINTS

  • Vance previously slammed Canada's Emergencies Act, saying it is the reason why crypto is rising
  • Vance has Bitcoin holdings through Coinbase and has called out Gensler for his regulatory approach
  • The Ohio senator has had a more open-minded approach toward cryptocurrencies

Following a wild weekend in Pennsylvania, Republican presidential candidate Donald Trump has chosen Sen. J.D. Vance of Ohio to become his running mate, raising the most important question at the moment in the cryptocurrency industry – will Vance be good for the burgeoning sector?

Trump declares Vance his running mate

The business mogul, who was shot in the upper ear by a gunman during a rally in Butler Saturday, on Monday said he believes Vance "is the person best suited to assume the position of Vice President of the United States."

GOP figures such as Sen. Marco Rubio and North Dakota Gov. Doug Burgum expressed support for Trump's VP choice. Tech titan Elon Musk – a huge Dogecoin ($DOGE) fan – also said he believes it was an "excellent decision."

What Vance has said so far about crypto

Early in 2022, Vance commented on Canada's Emergencies Act, saying it is "why crypto is taking off." He went on to say that the "regime will cut off your access to banking if you have the wrong politics."

At the time, Canada's Deputy Prime Minister and Minister of Finance said banks can immediately freeze or suspend accounts without a court order so "they will be protected against civil liability for actions taken in good faith."

Also, in his 2022 financial disclosure, Vance revealed he had Bitcoin holdings through cryptocurrency exchange giant Coinbase.

Consensys lawyer Bill Hughes released a video of Vance in February, wherein the young politician expressed his dislike of Gensler. "He wants to inject politics way too much into the actual business of securities in the United States," Vance pointed out. He added that Gensler's crypto regulation is "the exact opposite" of what ideal regulation should be for the emerging industry.

Biggest crypto move yet

Multiple outlets reported that Vance was among the senators who voted in favor of a resolution that should have overturned the U.S. Securities and Exchange Commission's (SEC) very controversial Staff Accounting Bulletin 121. U.S. President Joe Biden has since vetoed the said proposed legislation that required banks to report customers' crypto on their balance sheets.

What the crypto community is saying

The crypto community has called Vance a "pro-crypto" candidate. Several prominent figures in the industry believe Trump made the right choice to pick Vance as his running mate and their tandem could be beneficial for cryptocurrency users.

Prominent investor Ryan Sean Adams referred to Vance as someone who "strongly supports crypto" and someone who "slammed [SEC Chair Gary] Gensler in open letters."

Riot Platforms' Public Policy Director Sam Lyman said he believes "Trump-Vance would be the most pro-crypto ticket imaginable" for the 2024 elections.

Vance to champion crypto?

While the future of the crypto industry under a potential Vance Vice Presidency cannot be exactly known since people do change, so far, it appears Trump's VP pick can pave the way for good changes within the government's approach toward crypto.

In February last year, he told other lawmakers that his "basic bias" over crypto is the fact that the government doesn't really know much about Web3 and blockchain technology yet. For the crypto space, his open-minded approach and language about crypto – so far – could be promising.

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