Trump's new vice president, Vance, supports SocialFi?

On July 15, 2024, local time, former US President Donald Trump has selected Ohio Senator J.D. Vance as his vice presidential running mate for the 2024 election. Vance has repeatedly supported the cryptocurrency industry in his political career and has previously publicly opposed the SEC.

Earlier this year, Vance led several other Republican senators in writing a letter to Gensler expressing the SEC's concerns about the enforcement action against cryptocurrency mining company Debt Box. On May 16, Vance and 60 senators voted in favor of revoking the SEC's controversial SAB 121 accounting standards, a set of policy recommendations that prevent US banks from custodial crypto assets.

Related reading: Trump's selection of running mate J.D. Vance is not simple, Silicon Valley VC + encryption ally "Buff" blessing

It can be said that the election of J.D. Vance will bring stronger political impetus to the development of the cryptocurrency industry.

J.D. Vance spoke at Remedy Fest, a private conference hosted by Y Combinator and Bloomberg on February 28. He said, "Gary Gensler's approach to regulating blockchain and cryptocurrencies seems to be the exact opposite of the way it should be."

Here is an excerpt from the speech:

If there is a worst person, who I think, at least on substantive disagreements, I am sure is a good person, it is Gary Gensler. So Gary Gensler is almost the exact opposite of my point of view.

I have two problems with Gary, one of which is that I think he wants to inject too much politics into the U.S. securities business. But in some ways, the more fundamental problem, or at least the most relevant to this meeting, is that Gary's approach to regulating blockchain and cryptocurrencies is almost the exact opposite of the right way.

I'm oversimplifying a little bit, but the question that the SEC seems to ask when regulating cryptocurrencies is, is this a useful token? If it is a useful token, they seem to want to ban it. If it is a useless token, they don't seem to care.

I tend to think we should be the other way around here, right? I worry about financialization. I worry about whether, frankly, a lot of the cryptocurrency stuff is fundamentally fake.

But if a token does have utility, that's the kind of thing where you know, of course you regulate it, of course you be careful about how consumers interact with it. But you don't want to just take that stuff away.

What I really worry about is that the newest challengers to the social media incumbents in 2024 are going to need some blockchain technology to make their business work, and maybe they need a token that supports verification.

When I talk to friends who are still in the venture capital industry, the companies that get them most excited are doing 21st century, 2024 to be exact, companies that are doing real things in the communications space, and those companies often rely on high-utility tokens for things like verification. If we can't make verification possible, then we're making it very difficult to challenge the incumbents in this space.

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