Tech
How Republican Donors Are Plotting to Turn the US Into a Cryptocurrency Superpower
Speaking at an event earlier this year, Vance made no secret of his support for the cryptocurrency industry. He described Gensler, the head of the SEC, as “the worst person” in the Biden administration, saying he wanted to “inject too much politics into the securities business.”
He said: “Gary’s approach to regulating blockchain and cryptocurrencies seems to be almost the exact opposite of what it should be.”
An industry source says Vance is seen as a longtime supporter of the industry. “While Trump has only recently become interested in cryptocurrency, Vance has taken the time to learn and engage with the technology,” they said.
“To their credit, many prominent Democrats in Congress have done so, too, but unfortunately the White House has done just the opposite.”
However, the technology sector may not have the upper hand on Vance.
He has spoken out in favor of breaking up Google and what he sees as bias in Silicon Valley toward conservatives.
Unlike many Republicans, he is a staunch supporter of Lina Khan, the Biden-appointed Federal Trade Commission director who has launched a crusade against the tech industry.
“Lina Khan is the person I would point to as the best in the Biden administration,” he said this year.
In any case, Bay Area money is already flowing into Trump’s campaign.
Musk is reportedly planning a multi-million dollar donationwhile filings show a Republican funding vehicle has raised $8.8 million from tech experts including Sequoia Capital partners Shaun MaGuire and Doug Leone, as well as cryptocurrency entrepreneurs Cameron and Tyler Winklevoss.
Cryptocurrency investors have also donated $161 million to FairShake, a political action group that has pledged to support parties of any stripe if they support the industry.
So far, however, the vast majority of its funding has gone to opposition Democratic candidates. Vance’s arrival could tip the balance even further.
Billionaire tech mogul and Trump supporter David Sacks hosted a fundraiser for the Republican nominee in June, asking for $300,000 per person for a gala at his Pacific Heights mansion.
“God bless JD,” Sacks wrote in X, after Vance’s confirmation as vice president, “God bless Trump and God bless the United States.”