Who Is JD Vance and Why Is He Important to Crypto?

Pro-crypto US presidential candidate Donald Trump has picked Ohio-based Senator JD Vance as his running mate for the November 2024 elections.

The ongoing election race has put a spotlight on the crypto industry as politicians have openly embraced the once-shunned industry in a bid to garner votes from the crypto community.

Who is JD Vance and where does he stand on crypto? Let’s find out.

Table of Contents Table of Contents

1. Key Takeaways
2. Is Vance Pro-crypto or Anti-crypto?
3. Who Is JD Vance?
4. The Bottom Line
5. FAQs
6. References

Show Full Guide

Table of Contents

1. Key Takeaways
2. Is Vance Pro-crypto or Anti-crypto?
3. Who Is JD Vance?
Show Full Guide
4. The Bottom Line
5. FAQs
6. References

Is Vance Pro-crypto or Anti-crypto?

Vance will now run for vice president (VP) alongside Trump in the upcoming US presidential elections. What does Vance as VP mean for the crypto industry?

Does JD Vance Own Crypto?

Yes, JD Vance owns crypto, his 2023 annual financial disclosures showed.

To be more specific, Vance disclosed that he owned Bitcoin (BTC) worth between $100,000 to $250,000 on Coinbase.

The financial disclosure showed that Vance did not own any crypto, other than BTC.

What else does Vance own? Financial disclosure documents showed Vance invested in numerous tech companies, from biotech firms to aerospace companies.

He also owned gold ETFs, Dow Jones Industrial Average ETF and Walmart shares, among others.

What Are Vance’s Views on Crypto?

Vance has indicated that he is a pro-crypto politician.

In August 2021, Vance issued a statement opposing President Joe Biden’s infrastructure bill for regulating cryptocurrencies.

Vance wrote:

“The Biden endorsed, Portman-Warner-Sinema amendment being proposed in the infrastructure bill to regulate cryptocurrencies picks Big Tech as the winners, and Ohioans are the losers. Not only would this bill lead to mass surveillance of those in the cryptocurrency community, experts in the field warn that it could amount to a backdoor ban of Bitcoin and other popular cryptocurrencies.”

In 2022, Vance criticized the Canadian government for ordering banks to suspend accounts of anyone linked with anti-vaccine mandate protests. “This is why crypto is taking off,” Vance stated at the time.

This is why crypto is taking off. The regime will cut off your access to banking if you have the wrong politics. https://t.co/C88DCsehnN

— J.D. Vance (@JDVance1) February 15, 2022

In June 2024, Politico reported that Vance is looking to revamp how cryptocurrencies are regulated in the US. According to the media firm, Vance circulated a “crypto-friendly” draft legislation that would change how the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will regulate cryptocurrency markets.

Vance’s background as a technology investor and founder of a venture capital firm (VC) might have contributed to his open-mindedness towards cryptocurrencies.

Let’s learn more about Vance’s background, business ventures, and career in politics.

Who Is JD Vance?

Early Life & Education

James David Vance is a US Senator for Ohio. Vance was born on August 2, 1984 in Middletown, Ohio.

Vance enlisted in the US Marine Corps in 2005 and served in the Iraq War.

On his return, he joined the Ohio State University, graduating with a Bachelor of Arts degree in 2009.

Vance went on to graduate from Yale Law School in 2013.

J.D Vance’s Career Path: Silicon Valley to Washington DC

After graduating from Yale Law School, Vance took a job as a law clerk at the US District Court for the Eastern DIstrict of Kentucky. The stint lasted about a year, after which Vance joined multinational law firm Sidley Austin.

Vance’s relationship with Silicon Valley started when he moved to San Francisco in 2016 to work at a VC? firm named Mithril Capital. The fund was co-founded by Peter Thiel and Ajay Royan.

The same year, Vance published his memoir entitled ‘Hillbilly Elegy‘ which went on to become a bestseller. The memoir depicted his adolescence years, societal problems and economic conditions of his hometown.

The New York Times listed Hillbilly Elegy as one of six books to understand Trump’s presidential election win in 2016.

In 2017, Vance left Silicon Valley for Washington DC to work at another VC firm named Revolution LLC.

In 2019, Vance co-founded an early-stage tech-focused VC firm called Narya Capital. The firm raised $93 million in seed funding from big name investors such as Peter Thiel, Marc Andreessen and Eric Schmidt.

How Did Vance Become a US Senator?

Vance’s political ambitions were well-known as early as 2017. According to media firm Axios, Vance had acknowledged that he would “someday” run for office.

Vance got his chance in 2021, when Republican Rob Portman of Ohio announced that he would not seek reelection. Vance stepped forward to replace Portman.

His former boss, Thiel, kickstarted his election campaign with a $10 million donation in 2021.

In 2022, Vance was elected as a US Senator for Ohio.

The Bottom Line

US politicians are paying more attention to crypto voters today. According to the Harris Poll, crypto has become a bipartisan political issue and crypto voters are now split on which party is more favorable for the industry.

Trump’s choice of Vance as his running mate and Republican vice president candidate will help erase any lingering doubts of his crypto embrace.

FAQs