Crypto-friendly JD Vance wins Ohio Senate primary election
04 May 2022
Crypto advocate JD Vance has won the Senate Republican primary election in Ohio and will race against Democrat Tim Ryan in the Senate race in November.
Vance received a last-minute endorsement from Donald Trump, The Guardian reports, helping him to clinch victory over former state treasurer Josh Mandel. Both JD Vance and Mandel are pro crypto, with Mandel stating on Twitter that “Ohio must be a pro-God, pro-family, pro-Bitcoin state.”
Vance reportedly has Bitcoin holdings valued at up to $250,000, which according to CoinGecko data could be around 6.5 BTC at today’s value. He was also supported by Bitcoin advocate and billionaire investor Peter Thiel, who donated $3.5 million to the Protect Ohio Values Super PAC (Political Action Committee), Bloomberg reports.
Meanwhile, Tim Ryan also co-sponsored the Keep Innovation In America Act, which is a crypto- friendly bill aimed at maintaining reasonable tax reporting requirements.
In addition, crypto investors are impacting the midterm elections, taking place in November. The founder of crypto exchange FTX Sam Bankman-Fried is one of them and has long been a high-profile political donor. He has set up another Political Action Committee known as the Protect Our Future PAC. As at the end of March, the PAC has generated over $14 million, and may have a substantial impact on the upcoming elections, CNBC reports.
Furthermore, there are the GMI PAC and the HODL PAC, which together hold $6.3 million, backed by other FTX staff to support midterm election candidates.