Trump appoints crypto-friendly JD Vance as vice presidential candidate, is a bull market expected?

On the current political stage, cryptocurrency has once again become the focus, especially with Trump's choice of Ohio Senator JD Vance as his vice presidential candidate. This decision has garnered widespread attention, not only because of Vance's political background but also due to his investments in the cryptocurrency field.
According to Trump's latest financial disclosures, Vance holds Bitcoin worth between $100,000 and $250,000 through Coinbase. This information was released by Fox Business reporter Eleanor Terrett on the X platform. This news further confirms Vance's supportive stance on cryptocurrency, bringing new hope and momentum to the cryptocurrency market.

As a Bitcoin holder and supporter of cryptocurrency, JD Vance's involvement will undoubtedly have a profound impact on the entire industry. So, how will Vance's cryptocurrency investment background and his performance in politics affect the future of the market?

Who is JD Vance: Veteran, Venture Capitalist, and Coming from Humble Beginnings

JD Vance has a rich and diverse background that gives him a unique advantage in both political and business fields. He served in the United States Marine Corps, an experience that honed his willpower and leadership skills. After retiring, he attended Yale Law School and earned a law degree, laying a solid legal foundation for his career.
After graduating from Yale, Vance moved to Silicon Valley and became a successful venture capitalist. He worked at Mithril Capital, a venture capital firm founded by prominent investor Peter Thiel. Here, Vance accumulated extensive industry experience and built a wide network of contacts. In 2019, Vance founded his own venture capital firm, Narya Capital, with support from Silicon Valley giants like Thiel, former Google CEO Eric Schmidt, and Netscape founder Marc Andreessen. The firm aims to bring capital to the Midwest to support local innovation and entrepreneurship.
Vance's political career is equally noteworthy. In 2022, with Trump's support, Vance was successfully elected as a federal senator from Ohio. He actively promoted several pieces of legislation in the Senate, including those related to cryptocurrency regulation. According to Politico, Vance is drafting a new bill aimed at improving the existing cryptocurrency regulatory framework to make it more friendly and clear. This bill is expected to be introduced in July, with its core content clarifying the regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Vance is not just a legislator; he is also a staunch Bitcoin holder. As of 2022, he holds Bitcoin worth between $100,000 and $250,000 through Coinbase. This investment not only demonstrates his confidence in the future of cryptocurrency but also makes him one of the industry's advocates. He has publicly criticized the SEC's regulatory approach to the cryptocurrency industry, arguing that it is overly harsh and hinders innovation and development.

From these credentials, we can see that JD Vance has excelled in military, legal, business, and political fields, while also showing a positive stance in the cryptocurrency sector. His multifaceted background and broad support make him a unique vice presidential candidate, and his involvement will bring new changes and opportunities to American politics and the cryptocurrency industry.

As a Strong Advocate for the Passage of the FIT21 Act, JD Vance Has Always Been a Supporter of Web3

The "Financial Innovation and Technology Act of the 21st Century" (FIT21) is significant legislation in the cryptocurrency field. In May 2024, this bill passed the House with a vote of 279 in favor and 136 against, marking a major advancement for 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 oversee functional but not fully decentralized assets. Additionally, the bill includes consumer protection measures such as customer fund segregation, token insider lock-up periods, annual sales limits, and disclosure requirements.
JD Vance is one of the key proponents of this legislation. He not only supports the FIT21 Act but is also drafting a proposal in the Senate to improve the bill, aiming to make it more friendly and clear. This demonstrates his deep understanding and support of the cryptocurrency industry. Vance holds between $100,000 and $250,000 in Bitcoin through Coinbase and has accounts with Robinhood and Charles Schwab, showcasing his confidence in cryptocurrency.
In addition to personal investments, Vance has publicly criticized the SEC for its overly harsh regulation of cryptocurrencies, arguing that this approach stifles innovation and development. Last year, he, along with other Republican lawmakers, wrote to SEC Chairman Gary Gensler expressing concerns about the SEC's inaccurate statements when suing the cryptocurrency startup DEBT Box. He also criticized the Canadian government's freezing of bank accounts related to individuals involved in the 2022 Ottawa trucker protests, stating that this 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 strong political support for the sector. Blockchain Association CEO Kristin Smith stated, "Senator Vance is an emerging voice for innovative crypto legislation and an ideal candidate to lead Republican crypto principles."
Through these efforts, JD Vance has not only provided legislative support for the cryptocurrency industry but has also become an important political supporter of the sector, promoting the development of cryptocurrency in the United States.

If JD Vance is Elected Vice President, It Will Have a Profound Impact on the Entire Web3

JD Vance's election as vice president could have far-reaching implications for the cryptocurrency industry and American politics. First, as a Bitcoin holder and supporter of cryptocurrency, Vance's policy inclinations will inject more confidence into the market. His holding of Bitcoin worth between $100,000 and $250,000 through Coinbase shows a long-term optimism for this field. This will undoubtedly attract more investors and promote the popularity and development of cryptocurrency.
In terms of legislation, the FIT21 Act, which Vance is promoting, will provide a clearer and more friendly regulatory framework for the cryptocurrency industry. This bill not only clarifies the regulatory responsibilities of the SEC and CFTC but also includes multiple consumer protection measures aimed at preventing market manipulation and encouraging 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 noteworthy. He actively expresses support for Trump on Twitter and harshly criticizes Biden and the Democrats. On July 14, Vance retweeted Alex Pfeiffer's post condemning the Democrats' attempt to strip Trump of his Secret Service protection, stating, "Get this bastard out of Congress, absolute scum." On the same day, he also launched an official fundraising campaign for the victims of the Pennsylvania shooting, urging people to donate to help the victims.
Additionally, on July 11, Vance posted accusing Biden's policies, stating that the newly appointed IRS agents would attack the middle class, pointing out that this is another lie from Biden. On July 10, he emphasized that Trump brought peace and prosperity, lowered food prices, and raised wages, while the Democrats did the opposite. On July 3, he directly stated that the Democratic elite is trying to replace Biden, but if Biden is unfit to run for president, then he is also unfit to be president.
Through these statements and actions, Vance demonstrates his strong support for Trump and his fierce criticism of the Democrats. If elected, he will not only bring new opportunities to the cryptocurrency market but will also politically promote Trump's policies, continuing to criticize and oppose the Biden administration. This will bring new momentum and changes to American politics.