Vance, Trump's VP Once Slammed Gensler's Crypto Approach

Financial Times

Hey folks.

In a recently resurfaced video, Donald Trump's new running mate, James David Vance, referred to SEC Chair Gary Gensler as the “worst person” in charge of regulating the cryptocurrency sector.

The video, which has been making the rounds on social media, has Vance giving a speech on February 28 at Remedy Fest, a private conference organized by Bloomberg and Y Combinator.

Vance stated:

If there’s a candidate for the worst person in my view, at least in terms of my substantive disagreement [...] it's Gary Gensler.

Multiple times throughout Vance political career, he has stood in solidarity with the crypto industry.

Vance was one of the 60 Senators who voted to reverse the Securities and Exchange Commission's disputed SAB 121 accounting guidelines which is a set of policy suggestions preventing banks in the United States from custody of crypto assets.

Vance and a few other Republican senators wrote a letter to Gensler earlier this year, on February 7, expressing concerns about an enforcement action against a cryptocurrency mining company. The judge's ruling revealed that SEC lawyers had made fraudulent claims in order to justify freezing the company's assets.

Vance wrote in a letter,

It is unconscionable that any federal agency [...] [which] has often pursued its regulatory mission through enforcement actions rather than rulemakings [...] could operate in such an unethical and unprofessional manner.

The 39-year-old Vance before serving as a Republican Senator in the state of Ohio, served in the US Marines, and studied law.

Vance stated that he has between $100,000 and $250,000 in Bitcoin in a 2022 financial disclosure report submitted to the US Senate.

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