Republican Presidential candidate Donald Trump has picked Ohio Senator, J.D Vance as the Vice Presidential nominee ahead of the polls. In recent weeks, speculation followed the potential Vice Presidential picks as the campaign intensifies. Crypto enthusiasts have reacted positively to the news due to Sen Vance’s crypto stance. 

Donald Trump Chooses Pro-Crypto VP 

Donald Trump’s campaign has announced Sen Vance as the running mate of the former President ahead of the polls. The Ohio Senator was speculated as a potential candidate for the position in previous weeks. This announcement makes the Republican Presidential ticket more pro-crypto following Donald Trump’s recent impact on the market. 

Sen Vance voted to repeal the controversial SAB 121 regulation which makes it difficult for financial firms to provide custody to crypto. The Republican VP nominee has also criticized the Securities and Exchange Commission (SEC) on the handling of certain matters. Notably, in 2022, he disclosed Bitcoin holds up to $250,000, and last year, he introduced a bill for bank regulation to make sure crypto firms are not discriminated against. 

Initial reactions to the selection by Donald Trump on social media spaces have been bullish with crypto enthusiasts anticipating wider market reforms. Last week, traders on PolyMarket raised the chances of Sen Vance becoming Trump’s VP to 29%, up 17% from the previous week. Public watchers have hinted at possible crypto reforms should the duo emerge at the polls. At press time, Bitcoin trades at $63,519, a 5% increase in the last 24 hours. 

US Crypto Regulation? 

In the past couple of years, digital asset enthusiasts have yearned for clear crypto rules in the United States. This comes after the SEC and other regulators continued a bottleneck approach that has led to several lawsuits. Users begin to speculate clear rules should Donald Trump emerge because of his latest comments on the market coupled with the history of Sen Vance backing pro-crypto legislation. 

Last month, a report emerged that Sen Vance has started circulating a bill towards digital asset regulation that will overhaul how the SEC and CFTC oversee the market.

Also Read: Powell Teases Fed Rate Cuts Before 2% Inflation Mark, Bitcoin Rally Ahead?

The post Donald Trump Picks Crypto-Friendly Sen J.D Vance as VP Candidate appeared first on CoinGape.

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Filed under: News - @ July 15, 2024 8:15 pm