Frenemies: JD Vance and Trumps roadmap to a new crypto era

Shortly after his assisination attempt, Former President Donald Trump revealed on social media that he would be picking Ohio Senator JD Vance as his Vice Presidential running mate. 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. Crypto enthusiasts are now speculating whether this duo could herald a new era for the industry and what reforms they might pursue upon entering the White House.

Everyone is talking about crypto in the 2024 Election

Needless to say, we can describe the 2024 election as a crypto-fueled election, with crypto sitting at the centre of all the discussion and debates. Both candidates are also throwing every trick in the book to secure the hearts of crypto supporters. Trump has notably garnered success in this domain. During his campaign, Former U.S President Donald Trump raised a total of $3 million in crypto donations, in the form of Bitcoin and ether. It was reported that around 100 people, including high-profile industry players like the Winklevoss twins and Kraken's Jesse Powell, contributed to Trump's campaign from May to June, underscoring his strong backing within the crypto community. It seems that through his campaigning efforts, Trump has successfully positioned himself as a crypto advocate and a person who is eager to make U.S regulations more welcoming for the industry.

The Intellectual from Yale

Vance graduated from Ohio State University, and is a Yale Law School Graduate. After graduation, he worked as the Editor of the Yale Law Journal, and also took on the position as the President of the Yale Law Veterans Association. Vance is also a bestselling author, known for his book "Hillbilly Elegy".

Lobbyist for crypto regulation reform

Vance has been vocal in his support for cryptocurrency. While he was running for Senate in 2021, Vance disclosed that he owned over $100,000 worth of bitcoin. In the same year, he openly expressed that the crypto community is one of the few sectors of our economy where conservatives and other free thinkers can operate without pressure from the social justice mob."

Vance also has been a very outspoken advocate of Web3 and lobbyist for a deregulated crypto landscape. After entering the senate, the Ohio Republican started circulating draft legislation that would revamp how the U.S regulates digital assets. Probably one of the biggest projects that Vance is working on is legislation that would revamp how the U.S regulates digital assets. According to sources, Vance's plan would be to overhaul how the SEC and the CFTC police the crypto market, which remains a big priority for crypto firms and investors who are unhappy with the current Washington policy.

Building a freebanking system backed by bitcoin

Trump and Vance have revealed Project 2025, a blueprint for the policies that they would be enacting if they are elected into the white house. Some of the issues that Project 2025 will be addressed are issues regarding immigration and countering "anti-white discrimination".

But crypto fans are also drawing their own conclusions on the implication that project 2025 will have on the crypto industry. The 887 page document is calling for the president to abolish the Federal Reserve and move the country to a free banking system, in which the dollar is backed by a valuable commodity like gold or hopefully Bitcoin. At least this is what crypto fans are hoping for, since there is still no evidence that Bitcoin is one of the options that are considered by Trump and his team. The document is also calling for regulators to reevaluate the rules surrounding cryptocurrencies, which could open the door for greater crypto adoption.