Sen. J.D. Vance, Ohio Republican and “Hillbilly Elegy” author, has been announced as former President Donald Trump’s running mate for the 2024 election.
Vance’s selection comes amid his push to reform digital asset regulation, which has garnered support from the crypto industry.
Vance and crypto legislation
Vance is a popular choice among crypto enthusiasts, given his efforts to advance legislation clarifying the rules of the road for digital assets. The Senate Banking Committee member has been circulating a draft of a bill that would reshape how the U.S. regulates digital assets.
The proposed bill, which follows a more industry-friendly approach than the recent bipartisan House legislation, seeks to simplify the roles of the Security and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing the crypto market.
While the House bill received significant bipartisan support, some industry insiders believe Vance’s proposal offers a better framework for the crypto industry.
Vance’s bill underscores the growing influence of the crypto in Washington, particularly as he now positions himself as the running mate for former President Donald Trump.