Bitcoin and Cryptocurrency Prices Rallied This Week as Former President Donald Trump\'s Reelection Odds Spiked Following a June 13 Assassination Attempt

Digital asset experts grew even more bullish after Trump on Monday picked pro-crypto Senator J.D. Vance (R-Ohio) as his vice-presidential running mate.

Former President Donald Trump's improving reelection odds and his choice of pro-crypto Senator J.D. Vance (R-Ohio) as his vice-presidential running mate have sparked optimism among digital asset experts.

"Trump and Vance represent a significant shift toward a more crypto-friendly regulatory landscape. Their pro-business stance resonates with many in the crypto and tech industries," said Matthew Sigel, head of digital assets research at VanEck.

After launching its spot bitcoin ETF in January, VanEck is now seeking approval from the Securities and Exchange Commission for a spot ether ETF.

"Trump's track record of deregulation, combined with Vance's tech-savvy background, could pave the way for a more favorable environment for crypto entrepreneurs and investors."

Vance, 39, is currently serving his first term as Senator for Ohio. He attended Ohio State University and Yale Law School following his service as a Marine combat correspondent from 2003 to 2007. During his time at Yale, Vance met Silicon Valley scion Peter Thiel. And in 2015 Vance joined Thiel's venture capital firm, Mithril Capital. Vance rose to fame in 2016 with the release of his memoir, "Hillbilly Elegy," based on his upbringing in Ohio.

In 2019, Vance founded his own venture capital firm, Narya, before winning his senatorial race in 2022.

Thiel contributed $15 million to Vance's Senate campaign and also invested in Narya. But Thiel isn't the only big-tech heavyweight throwing support to the Trump/Vance ticket.

Marc Andreessen and Ben Horowitz of a16z have both voiced support for Trump and Vance.

Palantir co-founder Joe Lonsdale, venture capitalist Doug Leone, investor David Sacks, and the Winklevoss twins, founders of crypto firm Gemini, have all backed a pro-Trump political action committee, according to reports. Tesla CEO Elon Musk this week endorsed Trump and said he will donate $45 million per month to a pro-Trump super PAC.

Although Vance previously opposed Trump in 2016, he has been consistent in his pro-crypto stance.

Vance himself owns between $100,001 and $250,000 worth of bitcoin through Coinbase (COIN), according to his latest financial disclosure from October. During his time in the Senate, Vance has backed or proposed bills that support cryptocurrency innovation, while he opposed legislation aimed at greater regulatory scrutiny.

Most recently, Vance in late June drafted legislation that would revamp digital asset regulation, Politico reported. Sources said that Vance's proposal to overhaul how the SEC and Commodity Futures Trading Commission police crypto was even more industry-friendly than the bipartisan bill that passed the House in May.

The House's crypto bill, FIT21, would install the CFTC as the lead regulator for crypto and non-securities spot markets, CoinDesk reported. The bill more clearly defined what determines whether a crypto token is a security or commodity, while setting consumer protections and providing guidelines for crypto market regulation.

At RemedyFest in February, Vance criticized SEC Chair Gary Gensler for his approach to regulating cryptocurrencies, The Verge reported.

"The question the SEC seems to ask in regulating crypto is, 'Is this a token with utility?' " Vance said at the event. "And if it's a token with utility then they seem to want to ban it. If it's a token without utility, they don't seem to care."

Vance said that approach, "seems to be almost the exact opposite of what it should be."

He believes tokens with utility can be regulated and shouldn't be eliminated.

Utility tokens are cryptocurrencies that serve a specific use case within a blockchain ecosystem. Utility tokens are generally built on existing blockchains and provide access to goods or services. Examples include NFTs, event tickets, and Web3 games.

Last summer, the Senator also introduced a bill that would shield banks from regulatory pressure to cut off crypto firms, gun manufacturers and oil and gas companies, Politico reported.

"The excitement around Vance's candidacy stems from his recognition of open-source blockchain potential, his critical questions to Fed Chairman (Jerome) Powell about the USD, and his commitment to a weaker dollar, which could significantly boost the appeal and adoption of cryptocurrencies," Sigel said. "Vance's support of Biden's antitrust agenda against Big Tech is also an interesting wrinkle."

Sigel added that by advocating for a weaker dollar, Vance indirectly boosts the value proposition of bitcoin as a hedge against currency devaluation.

"Couple that with pro-crypto policies that would make it easier for traditional institutions to custody client crypto, and we're looking at a potential boom

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