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Trump's VP Pick Vance Is a Bitcoin Lover, Once Called Gensler "Worst Person" for Crypto Regulation
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Trump's VP Pick Vance Is a Bitcoin Lover, Once Called Gensler "Worst Person" for Crypto Regulation

Jul, 16 2024 3:35
#Bitcoin#Donald Trump#SEC
Trump's VP Pick Vance Is a Bitcoin Lover, Once Called Gensler "Worst Person" for Crypto Regulation

Donald Trump's new running mate, JD Vance, has a bone to pick with SEC Chair Gary Gensler. A recently resurfaced video shows Vance calling Gensler the "worst person" to regulate crypto. So what's going to happen to our beloved crypto industry once this pair - Trump and Vance - enter the White House?

The clip, now making the rounds on social media, captures Vance speaking at Remedy Fest. This private conference, hosted by Y Combinator and Bloomberg, took place on February 28.

Vance didn't mince words. His clarity was quite impressive. "If there's a candidate for the worst person in my view, at least in terms of my substantive disagreement [...] it's Gary Gensler," he stated bluntly.

He didn't stop there. Vance accused Gensler of injecting politics into US securities business. He also criticized Gensler's approach to blockchain and crypto regulation.

This isn't Vance's first rodeo with the SEC. He's been a vocal supporter of the crypto industry throughout his political career, holds some Bitcoin himself and is known for praising crypto as a tool to diminish the oppressive role of the state.

On May 16, Vance was one of 60 senators who voted to roll back the SEC's SAB 121 accounting guidelines. These guidelines prevent US banks from custodying crypto assets.

Earlier this year, Vance led a group of Republican senators in a letter to Gensler. They raised concerns over an SEC enforcement action against crypto mining firm Debt Box.

The letter didn't pull any punches. "It is unconscionable that any federal agency [...] could operate in such an unethical and unprofessional manner," Vance wrote.

Vance's crypto support goes beyond regulatory issues. In February 2022, he praised crypto as a solution to government overreach. This was in response to Canada freezing bank accounts of truckers protesting COVID-19 lockdowns. Basically Vance praised crypto for being able to help people avoid government surveillance and even some legal hurdles.

The 39-year-old senator has a diverse background. He's served in the US Marines, studied law at Yale, and worked as a venture capitalist under Peter Thiel, a famous investor who is - without a shadow of a doubt - a very crypto friendly financial titan.

Vance isn't just talk when it comes to crypto. A 2022 financial disclosure report shows he holds between $100,001 and $250,000 in Bitcoin. Looks like he's putting his money where his mouth is.

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