Former President Donald Trump, the presumptive Republican nominee for leader of the U.S., announced he chose crypto-friendly Sen. J.D. Vance (R-Ohio) as his vice presidential candidate.

“After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio,” Trump wrote on social media app TruthSocial.

“J.D. has had a very successful business career in Technology and Finance, and now, during the Campaign, will be strongly focused on the people he fought so brilliantly for, the American Workers and Farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and far beyond.”

Read more: Crypto-Friendly Sen. JD Vance's Odds as Trump VP Pick Double on Polymarket

Vance’s odds of being nominated for vice president on crypto-based prediction market platform Polymarket stood at 70% on Monday, by far the highest among all competitors.

The "Hillbilly Elegy" author and venture capitalist was a favorable choice among leaders in the crypto space given its previous efforts to bring clearer legislation. He most recently drafted a bill that would revamp how the U.S. regulates digital assets, according to Politico, which sources said would be even more crypto-friendly than a bill that was passed by the House in June.

North Dakota Governor Doug Burgum and Florida Sen. Marco Rubio were also seen as likely candidates to be Trump's running mate, but were reportedly informed earlier Monday that they were out of the running.

Vance has not disclosed buying or selling any cryptocurrencies in his most recent Senate financial disclosure, though in 2022 he disclosed he held between $100,000 and $250,000 of bitcoin.

UPDATE (July 15, 2024, 19:45 UTC): Adds Vance's financial disclosure, including 2022 disclosure.