Donald Trump selects crypto-friendly Sen. J.D. Vance as his running mate

Republican presidential candidate Donald Trump has picked crypto-friendly Sen. J.D. Vance to be his vice president.

Trump announced his selection in a post on Truth Social which was widely circulated on social media on Monday.

"After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio," Trump posted.

The Ohio Republican has been favorable to the crypto industry and has been critical of the U.S. Securities and Exchange Commission. This past year, Vance, along with other Republican lawmakers, sent a letter to SEC Chair Gary Gensler to air out concerns about inaccurate statements the agency made in its lawsuit against crypto startup DEBT Box.

Vance, who also sits on the Senate Banking Committee, is working on a bill to regulate the industry and plans to introduce the bill in July, Politico reported last month. On the House side, lawmakers passed a bill in May to regulate crypto at large. The bill, known as FIT21, would grant more power and funding to the Commodity Futures Trading Commission to oversee crypto spot markets and "digital commodities," particularly bitcoin.

Vance plans to improve on FIT21 and take a more friendly approach to the industry, according to Politico.

Crypto has quickly become part of the presidential campaign. Trump has ratcheted up support for crypto over the past few months ahead of the November election. He told participants at an event at Mar-a-Lago earlier last month that he would advocate for bitcoin mining in the White House, saying miners contribute to energy grid stability. He also said he would accept political donations in the form of crypto and said he would stop "Joe Biden's crusade to crush crypto."

Trump is also set to speak at the Bitcoin 2024 conference in Nashville next week.

President Joe Biden's re-election campaign, meanwhile, has been reaching out to members of the crypto industry for guidance on digital asset policies, according to reporting from The Block. That marks a significant shift from the Biden administration's less-than-favorable stance on crypto.

“Former President Trump has made it clear that supporting our homegrown digital asset entrepreneurs will be a priority should he win a second term,” said Blockchain Association CEO Kristin Smith in a statement on Monday. “And Sen. Vance – an emerging voice for fit-for-purpose, pro-innovation crypto legislation – is an ideal candidate to lead the Republican Party’s crypto principles. We’re encouraged that being pro-crypto is becoming a litmus test for political candidates.”