- Trump has selected Ohio senator JD Vance as his running mate for the 2024 presidential election, aligning himself with the MAGA wing of the Republican Party.
- Vance’s stance on crypto has shifted over time, initially embracing it but largely through the lens of Republican politics rather than its technological merits.
- While Vance has recently signaled support for the crypto industry, his commitment to it remains questionable and may depend on the Republican Party’s position on the matter.
Former president Donald Trump recently announced that he has selected Ohio senator JD Vance as his running mate for 2024. This article explores Vance’s stance on crypto and what it could mean for the industry if he becomes vice president.
Vance’s Political Shifts
Vance’s political identity has shifted quite a bit over the years. He went from denouncing Trump as “America’s Hitler” in 2016 to emerging as one of the former president’s most loyal devotees. His political calculations have largely ebbed and flowed with the tide of the Republican base.
Vance’s Stance on Crypto
Vance disclosed in 2021 that he owned between $100,000 and $250,000 worth of Bitcoin while running for Senate. In 2022, when Vance was running for Senate, the former lawyer and best-selling author made overtures about crypto’s utility, but from within the context of Republican fears regarding censorship of conservative speech.
Vance also introduced a bill in 2023 that sought to shield crypto firms from harsh federal regulatory oversight. The bill focused on imagined enemies of crypto like regulators pushing “woke” initiatives, rather than crypto’s importance.
Vance Following the Pro-Crypto Tide
As defending crypto became more proudly Republican, so too did Vance’s rhetoric shift on the subject. In late June, he began circulating pro-crypto legislation. However, Vance is a bit late to the party – senators like Cynthia Lummis and Kirsten Gillibrand have been working on crypto regulation for years.
What This Means for Crypto
In the short term, having both Trump and Vance embrace crypto is historic. But Vance seems to be following the pro-crypto tide rather than leading it. If that tide shifts within the GOP, Vance’s stance could easily change as well.
Conclusion
While Vance has signaled support for crypto, it seems tied to broader Republican concerns. It remains to be seen whether he would embrace crypto without his party’s backing. His stance could have a major impact on the industry if he becomes vice president.
