( PatriotsUnited.org) – In a shock shake-up of the 2024 presidential race and the cryptocurrency world, ex-President Donald Trump named Ohio Senator and former venture capitalist J.D. Vance as his running mate.
Trump made the hotly anticipated statement in a brief post to his Truth Social social media platform, stating that he had settled on Vance as the “best suited” person for the job, after a long thought process. Sen. Vance, who sits on the Senate Banking Committee, has repeatedly slammed the U.S. Securities and Exchange Commission (SEC)., including for its false statements in a lawsuit against crypto startup DEBT Box.
Later this month Vance, who himself owns major bitcoin reserves, will forward a bill expected to build on May’s FIT21 bill, incorporating a more crypto-friendly approach. Reports indicate that Vance aims to refine the legislative framework to better support innovation within the industry while ensuring adequate oversight. Since the failed assassination of Trump last Saturday, Bitcoin has surged by around 10 percent to almost $65,000, with the dramatic events seemingly boosting his chances of reelection.
President Joe Biden’s campaign has held talks with crypto stakeholders on digital asset policies, hinting that he could loosen regulations. Blockchain Association CEO Kristin Smith applauded Vance’s appointment and said she was pleased that “being pro-crypto is becoming a litmus test” for politicians. Trump, a major backer of Bitcoin mining, is himself scheduled to address this year’s annual Bitcoin conference in Nashville later this month.
While the former President has previously termed crypto a “scam” based “on thin air” he has since slammed what he termed Biden’s “crusade” to crush the crypto industry. Some environmentalists have complained that bitcoin mining increases energy demand.
Progressive politicians such as Sen. Elizabeth Warren (D-MA) continue to complain that the U.S. antitrust laws are outdated and allow new industries like that of cryptocurrency to evade scrutiny. Vance has expressed sympathy with such stances, arguing that it was unfair for big tech firms to artificially monopolize the industry.
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