Trump chooses crypto-friendly Vice President J.D. Vance, who also holds Bitcoin personally

Republican presidential candidate Donald Trump has chosen Ohio Senator J.D. Vance, who is friendly towards cryptocurrencies, as his running mate. At just 39 years old, Vance only joined the Senate last year, but he is supportive of the cryptocurrency industry and critical of the U.S. Securities and Exchange Commission (SEC). He is also a Bitcoin holder personally.

39-Year-Old Political Newcomer J.D. Vance

On Monday, Trump announced his pick on his social media platform Truth Social.

After much deliberation and consideration of many others' strong talents, I have decided that the best person to serve as Vice President of the United States is Ohio Senator J.D. Vance.

According to a report by CommonWealth Magazine, Ohio's U.S. Senator Vance is only 39 years old and joined the Senate just last year. He was once harshly critical of Trump, calling him despicable and even a "cultural heroin." However, by 2022, he fully embraced Trump's political positions, going so far as to say that Trump lost in a stolen election.

In 2016, Vance published "Hillbilly Elegy," which gained widespread acclaim and was adapted into a movie. The memoir recounts his upbringing in poverty.

Vance earned his J.D. from Yale Law School and previously worked as a venture capitalist for prominent conservative political donor Peter Thiel, who also financially supported his Senate campaign.

Trump stated that Vance has had a very successful business career in the tech and finance sectors and during the campaign, he will focus on the people he is fighting for, namely American workers and farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and more remote areas.

Vance Supports the Crypto Industry

According to a report by The Block, Vance has been a supporter of the cryptocurrency industry and has been critical of the U.S. Securities and Exchange Commission (SEC). Last year, he, along with other Republican lawmakers, wrote to SEC Chair Gary Gensler expressing concerns over inaccuracies in the agency's lawsuit against crypto startup DEBT Box.

He is also a member of the Senate Banking Committee and is working on legislation to regulate the industry, planning to introduce it in July. In the House, lawmakers passed the "Financial Innovation and Technology Act of the 21st Century" (FIT21) in May, granting more power and funding to the Commodity Futures Trading Commission (CFTC) to oversee the cryptocurrency spot market and digital commodities, especially Bitcoin. Vance plans to improve FIT21 and take a more industry-friendly approach.

With the successful passage of the cryptocurrency market bill FIT21 in the House amid both support and opposition, what's next?

Holding Bitcoin in Coinbase

According to his latest 2022 annual report disclosure, Vance holds Bitcoin in his Coinbase account valued between $100,000 and $250,000.