The election of the next president of the United States could have major implications for the future of cryptocurrencies and the blockchain industry in the country.
Donald Trump, former president of the United States and one of the candidates for the 2024 presidential elections, has nominated Senator JD Vance as a candidate for the vice presidency of the country.
This announcement represents an unexpected turn that could have major implications for the future of cryptocurrency regulation in the United States.
Recently, crypto Twitter users have been sharing an old video of Senator JD Vance, in which he harshly criticizes the current Chairman of the Securities and Exchange Commission (SEC), Gary Gensler. In addition to this, the US senator is known for his pro-crypto stance and for owning bitcoins.
JD Vance's criticism of Gary Gensler
The video that is circulating on the social platform was recorded during the Remedy Fest conference on February 28. In it, JD Vance is shown describing Gensler as “the worst person” to regulate cryptocurrencies in the country.
In his statements, Vance accuses Gensler of "wanting to put too much politics" into the regulation of securities in the country. Likewise, he argues that the current SEC chairman's approach to regulating the cryptocurrency industry and blockchain technology is "exactly the opposite of what it should be."
Bill Hughes, a lawyer for ConsenSys, who shared Vance's video on his when trying to regulate crypto assets in the country.
Vance's statements criticizing Gensler's management as a regulator of cryptocurrencies have become more relevant now that the senator has been chosen as a possible vice president of the United States in Donald Trump's candidacy.
According to crypto blogger Colin Wu, Vance's criticism of Gensler, along with his stance in favor of cryptoassets, could signal a potential change in the country's regulatory policy towards cryptocurrencies and push for the design of more favorable regulations for cryptocurrencies. development, growth and expansion of the crypto industry. This, if Trump is the winner in the next presidential elections, which will take place in November.
Vance voted to repeal SAB 121
Vance's history with cryptocurrencies goes beyond the statements he made against the management of the SEC as regulator of crypto assets in the United States.
Vance was one of 60 US senators who voted to repeal the SEC's SAB 121 rule, which prevents regulated banks from offering custody services for crypto assets. Likewise, in February of this year, Vance led a group of Republican senators in drafting a letter to Gensler, expressing a series of concerns about an enforcement action against the cryptocurrency mining company Debt Box.
On the other hand, Vance's history in the crypto industry also includes personal investments in digital assets. In a financial disclosure for the United States Senate, made in 2022, the senator declared having between $100.001 and $250.000 dollars invested in Bitcoin, the main cryptocurrency on the market by capitalization.
According to experts, this personal investment shows his favorable stance towards cryptocurrencies and could influence his perspective on crypto regulation in the country.
The US regulatory landscape for cryptocurrencies could be about to change
The former president and again Republican candidate for the presidency of the United States, Trump, has sparked an intense debate about the future of the crypto industry in the country.
After his change of opinion on crypto assets, the presidential candidate believes that it is the United States that should be at the forefront of global cryptocurrency innovation, which is why he has focused much of his campaign on highlighting the importance of these assets in politics. economical. Earlier this month, he highlighted the important role Bitcoin could play as the nation's strategic reserve asset.
Trump's new pro-crypto stance, along with Vance's possible nomination as vice president, could drive a significant change in the legislative landscape of cryptocurrencies, which could lead to more favorable regulations for the development and growth of this industry and for preserve the leadership of the United States in the technological and financial field.
