Trump Selects Pro-Crypto JD Vance as Vice Presidential Candidate

Donald Trump has announced his selection of Ohio Senator JD Vance as his vice-presidential candidate. Vance is known for his support of cryptocurrencies, reports CoinDesk.

According to Politico, the senator has drafted legislation to alter the regulation of digital assets in the United States. Sources indicate that this proposal will be even more crypto-friendly than the well-known FIT21.

The potential vice president also supported the repeal of the Staff Accounting Bulletin 121 (SAB 121) from the SEC, which would have allowed banks to hold digital assets on their balance sheets. 

Subsequently, President Joe Biden vetoed the bill. On July 11, the House of Representatives failed to gather the necessary two-thirds majority to override the veto. 

According to the publication, Vance’s latest financial disclosure for 2022 revealed holdings of between $100,000 and $250,000 in Bitcoin in a Coinbase account.

On July 15, Trump secured enough votes at the Republican National Convention to become the official presidential candidate for the 2024 election.

The following day, Tesla founder Elon Musk announced his support for the candidate. He committed to contributing $45 million monthly to Trump’s campaign fund, according to sources cited by Bloomberg.

The entrepreneur backed the Republican candidate following an assassination attempt during a rally on July 13.

Previously, Musk denied a similar report by WSJ about a $45 million contribution.

pic.twitter.com/RJdF7MWeEi

— Elon Musk (@elonmusk) July 16, 2024

According to Bloomberg, additional donations to Trump were also made by Gemini founders the Winklevoss twins, totaling $500,000.

As reported by The Block, Ripple Labs contributed $1 million to a fund aimed at replacing Senator Elizabeth Warren with pro-digital asset advocate John Deaton.

In May, the company announced an additional $25 million donation to Fairshake in support of “crypto-friendly” political candidates in the 2024 U.S. elections. This followed a similar contribution by Ripple Labs to the same group in 2023.

In June, Coinbase contributed $25 million to Fairshake, increasing its budget to $160 million.

Analysts at TD Cowen believe that expenditures, including through the mentioned organization, could enhance the likelihood of passing cryptocurrency and stablecoin legislation.