James David Vance, the new running mate of Donald Trump, has recently criticised SEC Chair Gary Gensler, describing him as the “worst person” to regulate the crypto industry.
This statement resurfaced in a video from a speech Vance gave at Remedy Fest, a private conference held by Y Combinator and Bloomberg on February 28.
In his speech, Vance expressed strong disagreement with Gensler’s approach to regulating blockchain and cryptocurrency.
Vance accused Gensler of overly politicising the business of securities in the United States.
Throughout his political career, Vance has consistently supported the crypto industry.
On May 16, he was among the 60 senators voting to roll back the SEC’s controversial SAB 121 accounting guidelines, which restrict US banks from custodying crypto assets.
Earlier this year, Vance led Republican senators to challenge an enforcement action against crypto mining firm Debt Box.
The senators raised concerns over the SEC’s use of false statements to justify asset freezes linked to the company.
In February 2022, Vance praised cryptocurrency as a safeguard against government overreach.
This comment came in response to Canada’s finance minister freezing bank accounts of truckers protesting COVID-19 lockdowns.
Vance noted that crypto gains popularity as it provides financial access independent of political influences.
Before his tenure as a Republican Senator from Ohio, Vance served in the US Marines, studied law at Yale, and worked as a venture capitalist with Peter Thiel. According to a 2022 financial disclosure report, Vance holds between $100,001 and $250,000 in Bitcoin.
JD Vance, Trump's running mate, has vocally opposed SEC Chair Gary Gensler’s crypto regulation approach, advocating for less politicised and more supportive measures for the industry.
Vance’s criticisms and advocacy highlight a significant divide in regulatory approaches, raising questions about the balance between regulation and innovation in the crypto space.
Calling Senator Vance an interesting character would be an understatement. Vance, however, brings his own crypto street cred to the presidential race. Since his election into the Senate back in 2022, he has made it very clear what his stance was on crypto. Through the introduction and support of pro-crypto legislation and ownership of the leading digital currency, Bitcoin, Vance's intentions in the 2024 election are very clear.
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