Speaking at an event earlier this year, Vance made no secret of his support for the cryptocurrency sector. He described Gensler, the SEC head, as “the worst person” in the Biden administration, claiming that he wants to “inject politics way too much into the business of securities”.
He said: “The approach that Gary has taken to regulating blockchain and crypto seems to be almost the exact opposite of what it should be.”
One industry source says Vance is seen as a long-term believer in the sector. “While Trump has only recently taken an interest in crypto, Vance has taken the time to learn and engage with the technology,” they said.
“To their credit, so have many top congressional Democrats, but unfortunately the White House has done the exact opposite.”
Still, the technology sector may not have it entirely its own way with Vance.
He has advocated for breaking up Google and what he sees as bias in Silicon Valley against conservatives.
Unlike many Republicans, he is a keen supporter of Lina Khan, the Biden-nominated head of the Federal Trade Commission who has launched a crusade against the technology industry.
“Lina Khan is the person I would point to as the best person within the Biden administration,” he said this year.
Regardless, Bay Area cash is already flooding into the Trump campaign.
Musk is reportedly planning a multimillion-dollar donation, while filings show that a Republican funding vehicle has raised $8.8m from technologists including Sequoia Capital partners Shaun MaGuire and Doug Leone, as well as cryptocurrency entrepreneurs Cameron and Tyler Winklevoss.
Crypto investors have also donated $161m to FairShake – a political action group that has promised to back parties of any stripe if they support the sector.
So far, however, the vast majority of its funding has gone towards opposing Democratic candidates. The arrival of Vance could tip the scales further.
David Sacks, a billionaire tech tycoon and Trump supporter, held a fundraiser for the Republican nominee in June, charging $300,000 per head for a gala at his Pacific Heights mansion.
“God bless JD,” Sacks posted on X as Vance’s role as running mate was confirmed, “God bless Trump, and God bless the USA.”
