Trump chose crypto-friendly Senator J.D. Vance as his vice presidential candidate

Former President Donald Trump has announced his pick for crypto-friendly Sen. JD Vance (R-Ohio) as his vice presidential nominee.

According to a recent federal financial disclosure, Vance, a venture capitalist turned politician, owns between $100,001 and $250,000 in Bitcoin.

Trump and Vance United Front on Crypto

Earlier this year, former President Trump's stance on crypto changed from skepticism to support. In May, his team started accepting contributions in various cryptocurrencies through Coinbase. During the campaign, they raised their voices against the industry and gave their support.

Even as Trump's lead widens in all post-debate polls, one advocacy group still believes Biden has a “significant opportunity” to reverse his position to lead in crypto.

Meanwhile, Vance announced in its October 2022 annual report that it holds its own Bitcoin on Coinbase and accounts with brokers Robinhood and Charles Schwab.

Vance has not yet provided financial statements for 2023, but his previous efforts to bring clear legislation in the crypto space made him a good choice among crypto leaders.

The United States recently drafted a bill to improve how it regulates digital assets, which sources said would be more crypto-friendly than the bill approved by the House in June.

Vance has been active in Crypto Legislation

Senator JD Vance, the first millennial on a major party presidential ticket, is bringing racial change to the race, including a strong stance on crypto.

He voted to repeal the SEC's controversial staff bill, SAB 121, which restricts certain banks and broker-dealers from holding digital assets. Although the repeal passed both houses of Congress by simple votes in May, it was ultimately vetoed by President Biden.

In February, Vance, along with several GOP senators, wrote a letter to SEC Chairman Gary Gensler. They expressed concern over an enforcement case filed against crypto firm DebtBox. A judge ruled that SEC attorneys used false statements to justify freezing the company's assets and bank accounts.

Vance criticized Gensler's approach to handling crypto and blockchain technology. He accused him of injecting politics into the securities business and taking a wrong regulatory approach.

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