Sen. J.D. Vance (R-Ohio) is gaining momentum as a potential running mate for former President Donald Trump, with a 29% chance of being chosen according to traders on the Polymarket prediction market platform. This is a significant increase from his odds of 14% just a week ago. The platform, which settles bets in USDC, a stablecoin cryptocurrency pegged to the U.S. dollar, has seen $65 million in bets on the vice presidential selection.
Vance, known for his efforts to reform regulations on digital assets, now has the second-highest likelihood of being chosen among 25 options on Polymarket. However, the leading bet is that a different candidate not listed in the choices will be selected, with a 33% probability. Traders can purchase shares for or against each candidate, with a payout of $1 in USDC if their prediction is correct.
Another contract on Polymarket, focused specifically on the Republican VP nominee, has North Dakota Governor Doug Burgum in the lead with 30% odds among 14 possibilities and $7.6 million in bets. The platform’s popularity has surged in 2024, particularly with political betting leading up to the November U.S. election.
Trump is anticipated to reveal his vice presidential pick before or during the Republican National Convention in mid-July. Other potential contenders include Sen. Marco Rubio (R-Fla.), former Housing and Urban Development Secretary Ben Carson, and former contestant Vivek Ramaswamy. As of Sunday, neither Vance nor Rubio had been approached by Trump regarding the running mate position.
Vance’s focus on advancing legislation to provide clarity on digital asset regulations could make him a favored choice among members of the crypto industry. He has been circulating a draft bill in the Senate Banking Committee aimed at reshaping how the U.S. governs digital assets. Politico reported that sources indicated Vance’s proposal is more favorable to the crypto sector compared to the House-passed legislation in June.
In conclusion, Sen. J.D. Vance’s rising chances as a potential VP pick for Trump, especially with his crypto-friendly focus, have sparked interest and speculation among traders on the Polymarket platform. The upcoming announcement from Trump at the Republican National Convention will reveal who will ultimately be selected as the running mate, with Vance positioned as a top contender in the current predictions.