As financial markets digest the potential implications of a Trump/Vance White House, Sky's Ian King says the vice-presidential hopeful should not be seen as being too close to Silicon Valley despite some impeccable connections.
Much is known about JD Vance, Donald Trump’s running mate, not least his past criticism of the Republican presidential candidate, his tough working class upbringing and his time in the US Marine Corps. What the business world is more interested in, though, is the Ohio senator's previous career in venture capital and his views on commerce - and what they might mean in the event of Trump returning to the White House.
He has also voted to reverse accounting guidelines introduced by the SEC that require publicly traded banks to place digital assets that they hold in custody on their balance sheets. This rule change flies in the face of convention that bank custodial assets are held off-balance sheet and is expected to put up the cost of banks taking custody of crypto assets - and, in all probability, deterring them from doing so. President Biden subsequently vetoed attempts to overturn the rule change.
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