Trump picks JD Vance as vice presidential candidate. Can a bull market be expected?

By: DeMan

Cryptocurrency has once again become a focus in the current political arena, especially with Trump's selection of Ohio Senator JD Vance as his vice presidential candidate. This decision has attracted widespread attention not only because of Vance's political background, but also because of his investment in the cryptocurrency field.

According to Trump's latest financial disclosure, Vance holds between $100,000 and $250,000 worth of Bitcoin through Coinbase. The news was released by Fox Business reporter Eleanor Terrett on the X platform. This information further confirms Vance's support for cryptocurrency and brings new hope and momentum to the cryptocurrency market.

As a Bitcoin holder and supporter of cryptocurrency, JD Vance's participation will undoubtedly have a far-reaching impact on the entire industry. So how will Vance’s background in cryptocurrency and his political performance affect the future of the market?

Who is JD Vance: Veteran, venture capitalist, and humble

JD Vance has a rich and diverse background that gives him unique advantages in both politics and business. He served in the U.S. Marine Corps, an experience that honed his willpower and leadership. After retiring, he entered Yale Law School and earned a law degree, laying a solid legal foundation for his career.

After graduating from Yale, Vance entered Silicon Valley and became a successful venture capitalist. He worked at Mithril Capital, a venture capital firm founded by well-known investor Peter Thiel. Here, Vance accumulated rich industry experience and established a wide network of contacts. In 2019, Vance founded his own venture capital firm, Narya Capital, which was backed by Silicon Valley giants such as Thiel, former Google CEO Eric Schmidt, and Netscape founder Marc Andreessen. The company aims to bring capital into the Midwest to support local innovation and entrepreneurship.

Vance's political career is equally impressive. In 2022, with the support of Trump, Vance was successfully elected as a federal senator from Ohio. He actively promoted a number of legislations in the Senate, including bills related to cryptocurrency regulation. According to Politico, Vance is drafting a new bill to improve the existing cryptocurrency regulatory framework to make it more friendly and clear. This bill is expected to be introduced in July, and its core content is to clarify the regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Vance is not only a legislator, he is also a firm Bitcoin holder. As of 2022, he holds between $100,000 and $250,000 worth of Bitcoin through Coinbase. This investment not only shows his confidence in the future of cryptocurrency, but also makes him one of the spokespersons for the industry. He has publicly criticized the SEC's regulatory approach to the cryptocurrency industry, believing that this approach is too harsh and hinders innovation and development.

Through these resumes, we can see that JD Vance has not only performed outstandingly in the military, law, business and politics, but also has shown a positive attitude in the field of cryptocurrency. His multiple backgrounds and broad support make him a unique vice presidential candidate, and his joining will bring new changes and opportunities to American politics and the cryptocurrency industry.

As a strong promoter of the passage of the FIT21 bill, JD Vance has always been a supporter of Web3

The 21st Century Financial Innovation and Technology Act (FIT21) is an important legislation in the field of cryptocurrency. In May 2024, the bill was passed by the House of Representatives with 279 votes in favor and 136 votes against, marking a major progress in the cryptocurrency industry in Congress. The FIT21 Act provides a clear regulatory framework for digital assets and clarifies the regulatory responsibilities of the SEC and CFTC. Specifically, the CFTC will regulate decentralized digital assets, while the SEC will be responsible for functional but not fully decentralized assets. In addition, the bill also contains consumer protection measures such as customer fund segregation, token insider lockup period, annual sales limit and disclosure requirements.

JD Vance is one of the important promoters of this legislation. He not only supports the FIT21 Act, but also drafted a draft in the Senate to improve the bill, aiming to make it more friendly and clear. This shows his deep understanding and support for the cryptocurrency industry. Vance holds $100,000 to $250,000 in Bitcoin through Coinbase and has opened accounts with Robinhood and Charles Schwab, demonstrating his confidence in cryptocurrencies.

In addition to personal investment, Vance has publicly criticized the SEC for being too harsh in regulating cryptocurrencies, believing that this approach hinders innovation and development. Last year, he and other Republican lawmakers wrote to SEC Chairman Gary Gensler to express concerns about the SEC's inaccurate statements in suing crypto startup DEBT Box. He also criticized the Canadian government for freezing the bank accounts of people associated with the 2022 Ottawa Trucker Protest, saying it further highlights the importance of cryptocurrency.

As a member of the Senate Banking Committee, Vance is drafting a new cryptocurrency regulatory bill, which he plans to introduce in July. Vance's efforts not only bring new hope to the cryptocurrency industry, but also demonstrate his firm political support for the industry. "Senator Vance is an emerging voice in support of innovative crypto legislation and an ideal candidate to lead the Republican crypto principles," said Kristin Smith, CEO of the Blockchain Association.

Through these efforts, JD Vance not only provides legislative support for the cryptocurrency industry, but also becomes an important supporter of the industry politically, promoting the development of cryptocurrency in the United States.

Once JD Vance is elected vice president, it will have a far-reaching impact on the entire Web3

JD Vance's election as vice president may have a far-reaching impact on the cryptocurrency industry and American politics. First of all, as a Bitcoin holder and cryptocurrency supporter, Vance's policy inclinations will inject more confidence into the market. He holds between $100,000 and $250,000 in Bitcoin through Coinbase, showing a long-term optimism about this field. This will undoubtedly attract more investors and promote the popularity and development of cryptocurrencies.

In terms of legislation, the 21st Century Financial Innovation and Technology Act (FIT21) promoted by Vance will provide a clearer and more friendly regulatory framework for the cryptocurrency industry. The bill not only clarifies the regulatory responsibilities of the SEC and CFTC, but also includes a number of consumer protection measures to prevent market manipulation and encourage innovation. If Vance is elected, the passage and implementation of this bill will become a reality, further regulating and promoting the development of the cryptocurrency market.

Vance's political stance is also worth paying attention to. He actively expressed his support for Trump on Twitter and severely criticized Biden and the Democratic Party. Vance retweeted Alex Pfeiffer's tweet on July 14, condemning the Democrats for trying to deprive Trump of Secret Service protection, and said: "Get this bastard out of Congress, an absolute scum." On the same day, he also launched an official fundraising campaign for the victims of the Pennsylvania shooting, calling on everyone to donate to help the victims.

In addition, Vance posted a post on July 11 accusing Biden of his policies, saying that the newly appointed IRS agents would attack the middle class, pointing out that this was another lie of Biden. On July 10, he emphasized that Trump brought peace and prosperity, lowered food prices and raised wages, while the Democrats did the opposite. He even directly stated on July 3 that the Democratic elites are trying to replace Biden, but if Biden is not suitable for running for president, then he is not suitable for being president.

Through these remarks and actions, Vance demonstrated his firm support for Trump and his strong criticism of the Democratic Party. If elected, he will not only bring new opportunities to the cryptocurrency market, but will also promote Trump's policies politically and continue to criticize and oppose the Biden administration. This will bring new impetus and changes to American politics.