After former US President and current presidential candidate Donald Trump announced Ohio Senator J.D. Vance as his running mate, the crypto community greeted the news with optimism as the potential US Vice President is a big fan of Bitcoin (BTC).
It just so happens that Vance is a former venture capitalist with a vested interest in making crypto assets more mainstream, given that he reported owning up to $250,000 worth of Bitcoin last year, according to his 2022 U.S. Senate financial disclosure.
Indeed, his significant stake in the flagship decentralized finance (DeFi) asset, acquired from one of the world’s largest cryptocurrency exchanges, Coinbase, accounts for JD Vance’s net worth, which is estimated to be between $3.75 million and $10.495 million, according to the report cited above.
In addition to BTC, Vance owns a brokerage account with Robinhood (NASDAQ: HOOD), up to $100,000 in a crude oil exchange-traded fund (ETF), up to $250,000 in a gold ETF, and up to $250,000 in a checking account with brokerage Charles Schwab (NYSE: SCHW).
Senator J.D. Vance’s Pro-Cryptocurrency Stance
It is also worth noting that the author “Village Elegy” – memories of his childhood in Ohio’s Rust Belt – has circulated a bill that would change how the cryptocurrency market is regulated in the United States, including by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
In addition, Senator J.D. Vance introduced a bill in 2023 that aims to protect banking institutions from regulatory pressure to suspend services to cryptocurrency companies (among other categories of businesses) and place them under “apolitical oversight,” with the support of several other senators.
Presidential Crypto Arena
Meanwhile, cryptocurrency has become a major point of contention in the polarized political atmosphere in the United States, where a major presidential battle between former President Trump and incumbent Joe Biden is expected in November.
Recall that the Republican presidential candidate expressed clear support for the crypto industry earlier this year and suggested that “bitcoin mining could be our last line of defense against CBDCs,” while the Democratic president was allegedly unwilling to listen to the concerns of bitcoin miners.
However, there have also been rumors that President Biden’s campaign team is reaching out to key players in the cryptocurrency sector, apparently seeking advice and ideas on how to “move the crypto community and policy forward,” which many say is too little too late.
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