Senator J.D. Vance (R-Ohio) has been announced as former President Donald Trump's running mate. He is known for his pro-cryptocurrency leanings.

What Happened: Vance holds over $100,000-$250,000 in Bitcoin (CRYPTO: BTC), according to his latest financial disclosures.

According to his most recent financial disclosure last year, Trump's Vice President pick @JDVance1 is a bitcoiner. pic.twitter.com/p5h7EWOIE6

— Jameson Lopp (@lopp) July 15, 2024

Additionally, the Republican senator has promoted legislation considered favorable to the cryptocurrency industry. As per a report by Politico, Vance is working on a bill that will regulate how the asset class would be regulated in the U.S.

The bill would reportedly lay out clear guidelines on the roles of SEC and CFTC, and is said to be an improved version of the FIT21, passed by the House earlier in May.

Vance has also been critical of SEC Chair Gary Gensler's approach to cryptocurrency regulation, calling it the "exact opposite of what it should be."

JD Vance is not a fan of Gary Gensler or his approach to Crypto regulation

— James Seyffart (@JSeyff) July 15, 2024

Why It Matters: The appointment of Vance is the latest in a string of pro-cryptocurrency signals put forward by Trump, who has actively sought to rally support for the idea.

Whether it's his reassurances about making the U.S. a crypto-friendly destination, positioning himself as a "crypto president," or accepting political donations in cryptocurrencies, the positive campaigning has helped build support among advocates of the asset class.

Price Action: At the time of writing, Bitcoin was exchanging hands at $64,669.24, rising 3.62% in the last 24 hours, according to data from Benzinga Pro. Trump-inspired Maga Coin (CRYPTO: TRUMP) is up 11.64% as of this writing.