A resurfaced clip of JD Vance, Donald Trump’s running mate, shows Vance expressing his disagreement with U.S. SEC chair Gary Gensler’s approach to the crypto and digital asset industry. In the clip, Vance labeled Gensler as the “worst person” to be in charge of the digital asset regulation process.
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The clip was recorded on February 28th, when James David Vance was speaking at a private conference called Remedy Fest hosted by Bloomberg and Y Combinator. The clip shows JD speaking about Gary Gensler, the chairperson of the U.S. Securities and Exchange Commission and his current approach to digital assets and the entire blockchain-powered ecosystem.
JD Vance labels Gensler’s crypto approach as political
In the clip, Vance highlighted that Gensler’s approach to crypto regulation was too political. He also mentions that Gensler’s trajectory in the regulation process should be the exact opposite of what is being implemented. Vance proceeded to recommend that Gensler lessen regulatory pressure on utility projects and pay attention to projects with no utility instead of doing the opposite.
JD Vance is a serving United States Ohio senator and a member of the Republican Party. He has shown his support for the crypto industry on several occasions throughout his political career.
Vance, along with the other 60 senators, voted against the SEC’s proposed accounting guidelines on Staff Accounting Bulletin (SAB) No. 121, which would have prevented the traditional banking sector from taking custody of digital assets.
On February 7th, Vance, along with a group of Republican senators, wrote a letter to Gensler expressing their concerns about the commission’s restraining order on Debt Box, a crypto mining organization. In the letter, the senators mentioned how the SEC produced misleading and materially false representations, labeling them as unethical and unprofessional.
In 2022, Vance responded to Canada’s finance minister’s announcement on an Emergency Act that would give Canadian banks authority to suspend or freeze bank accounts without a court order and still be shielded from civil liability. Vance stated that such laws are making crypto more popular.
JD Vance proving to be a popular running mate for Donald Trump
Presidential aspirant Donald J. Trump announced on July 15th that the Ohio senator would be his running mate and vice president for the upcoming presidential elections scheduled for November 5, 2024. The two individuals are widely renowned for their strong support for decentralized finance.
In 2022, JD Vance released a financial disclosure that detailed his crypto holdings. The senator’s report revealed he holds up to $250,000 in Bitcoin through a popular centralized exchange, Coinbase.
On the other hand, the Trump Campaign announced it would accept crypto donations from Trump’s supporters in May. According to Forbes , Trump’s net worth is $7 billion, which comprises cryptocurrency holdings worth $3 million. Trump is also expected to speak in person at the Bitcoin 2024 conference despite the failed assassination attempt earlier this week.
