Silicon Valley tycoon + Bitcoin holder? An article to understand Trump's crypto-friendly campaign partner J.D. Vance

Author: Mary Liu, BitpushNews

On July 15, 2024, local time, former U.S. President Donald Trump has selected Ohio Senator J.D. Vance as his running mate for the 2024 presidential election, marking another strong statement from the Republican "Make America Great Again" (MAGA) faction, which is sure to shake up an already unprecedented election year.

Vance's qualifications are impeccable: he served in the Marine Corps, holds a law degree from Yale University, and has deep connections in Silicon Valley. He is a prominent figure in the "America First" populism movement and a potential proponent of Trump's "Make America Great Again" slogan.

According to the Wall Street Journal, if Trump is elected, Vance, who will turn 40 in August, will become one of the youngest vice presidents in U.S. history.

Crypto Ally + Bitcoin Holder?

What excites the crypto community is that Vance is likely a pro-crypto ally.

In the mandatory annual report submitted by J.D. Vance in October 2023 for the 2022 calendar year, he disclosed that as of 2022, he owned Bitcoin valued between $100,001 and $250,000, held through Coinbase.

Additionally, Vance has accounts with brokerage firms Robinhood and Charles Schwab.

The vice presidential candidate has not yet submitted his financial disclosure for 2023. According to Cincinnati.com, his current estimated net worth is at least $5 million and up to $10.5 million.

Reportedly, this Ohio Republican has consistently supported the cryptocurrency industry and criticized the U.S. Securities and Exchange Commission (SEC).

Last year, Vance, along with other Republican lawmakers, sent a letter to SEC Chairman Gary Gensler expressing concerns about the agency's inaccurate statements in its lawsuit against the cryptocurrency startup DEBT Box.

Vance also criticized the Canadian government's decision to freeze the bank accounts of individuals associated with the 2022 Ottawa trucker protests. He posted at the time: "This is why cryptocurrency is thriving; if your political views are wrong, the regime will cut off your access to banking services."

Vance is also a member of the Senate Banking Committee. According to Politico last month, he is drafting a bill to regulate the industry, which he plans to introduce in July. On the House side, lawmakers passed a bill in May to comprehensively regulate cryptocurrencies. The bill, named FIT21, would give the Commodity Futures Trading Commission (CFTC) more authority and funding to oversee the cryptocurrency spot market and "digital commodities," particularly Bitcoin.

According to Politico, Vance plans to improve FIT21 and adopt a more friendly approach toward the industry.

What does this mean for crypto voters?

In the most direct sense, both major members of the presidential candidates have explicitly expressed support for the industry—this is a first in history.

Kristin Smith, CEO of the Blockchain Association, stated on Monday: "Former President Trump has made it clear that if he wins a second term, supporting our homegrown digital asset entrepreneurs will be a top priority. Senator Vance is the right emerging voice for innovative crypto legislation and is the ideal candidate to lead the Republican crypto principles. We are excited to see that support for crypto is becoming a litmus test for political candidates."

Enemies Turned Allies? Once Publicly Criticized Trump

Vance's political stance has changed significantly over the years:

In 2016, he condemned Trump as "America's Hitler." While promoting his book "Hillbilly Elegy," Vance told Charlie Rose in an interview that he was "someone who would never support Trump," and when discussing the soon-to-be president, he stated: "I never liked him."

He told NPR back then, "I can't stand Trump." He also wrote an op-ed for The New York Times titled: "Mr. Trump is not fit to hold the highest office in our country."

Later, Vance became one of the former president's most loyal followers, and his political stance seemed to shift significantly with the Republican base.

Silicon Valley Connections as a "Free Ride" into Politics

At 39, Vance has spent many years as a venture capitalist, with a longer career in business than in politics.

According to public records, after graduating from Yale Law School in 2013, Vance lived in San Francisco for a time and worked at Mithril Capital, a firm co-founded by former PayPal CEO and long-time Republican donor Peter Thiel and Ajay Royan.

He also spent some time in Washington, D.C., working at the venture capital firm Revolution LLC, founded by former AOL CEO Steve Case, where he was responsible for a project that expanded capital opportunities to towns like Middleton, Ohio (Vance's birthplace).

Case stated in 2017: "JD Vance has become the leading voice for those who feel left behind across the country, so he is the best candidate to help us expand the Rise Of The Rest."

It was during this time that Vance published his memoir "Hillbilly Elegy: A Memoir of a Family and Culture in Crisis" in 2016, which became a bestseller on The New York Times list and catapulted him to fame.

Reportedly, he founded his own fund, Narya Capital, in 2020, supported by Thiel, Marc Andreessen, Eric Schmidt, and Scott Dorsey. The Cincinnati-based firm was established to bring East Coast capital into states like Ohio for investment.

Vance subsequently entered politics and won the U.S. Senate seat representing Ohio in 2022.

According to the Wall Street Journal, this was largely due to Trump's support. He established a strong populist image in Washington, opposing foreign engagement and trade agreements, and formed a friendship with Donald Trump Jr., which positioned him favorably during the election.

The Wall Street Journal reported that Vance's experience in Silicon Valley helped him build relationships with many tech entrepreneurs and assisted some of them in getting closer to Trump.

After Trump left office, Vance's interactions with the former president became more frequent, starting with a meeting at Mar-a-Lago in the spring of 2021, attended by venture capitalist Peter Thiel. According to a mutual friend, Vance was the only senator to oppose a NATO-supported no-fly zone over Ukraine, which caught the attention of Trump’s son, Donald Trump Jr.

As Vance began to attack the Republican "neoconservatives," Trump Jr. started defending him publicly, including in front of his father. Within weeks, Trump Sr. expressed support for Vance, ensuring his victory in the May 2022 primary, and both Trump Jr. and Vance stated that they had become close personal friends.

The young and accomplished Vance is likely to help enhance the Republican appeal among working-class voters in Midwestern states, including Pennsylvania, Michigan, Wisconsin, Ohio, and Minnesota.

House Speaker Mike Johnson (R-Louisiana) stated: "Trump needs a vice president with innovative ideas who can communicate those ideas to every American voter, and Senator JD Vance fits that bill perfectly. Now is the time to unite our country, and we are eager to expand our majority in the House and seize this opportunity to make America great again."