New Senate Leader’s Pro-Crypto Stance Boosts Crypto Optimism

• Senator John Thune has been elected as the Senate Majority Leader in the 119th Congress.
• The crypto-friendly Senator’s election has ignited optimism within the crypto community.
• Thune boasts a history of crypto-supporting initiatives, including co-sponsoring DCCPA bill.

The crypto community has been optimistic about a potential shift in the US crypto space with former President Donald Trump’s re-election. Adding to the enthusiasm, Senator John Thune was elected the Senate Majority Leader in the 119th Congress. With a record of crypto-supporting initiatives, Senator Thune sparks anticipations of a regulatory reformation in the US crypto industry.

Sen. John Thune of South Dakota has been elected by the Republicans as the Senate Majority leader on November 13, 2024. Thune’s victory is particularly significant, as he edged out Senator Rick Scott of Florida, who had the backing of influential figures like Elon Musk.

The community remains bullish about the country’s future crypto market under Trump’s pro-crypto policies, bolstered by Senator Thune’s contributions. In a speech after the election, Thune stated, “We will work to make America prosperous again by streamlining the bureaucratic machine and overturning costly Biden-Harris regulations.” Further, he promised to work on President Trump’s agenda via an X post.

Senator Thune has consistently demonstrated a crypto-friendly stance, supporting initiatives that promote regulatory clarity and industry growth. In 2022, he co-sponsored a crypto bill to extend the Commodity Futures Trading Commission’s (CFTC) regulatory powers, positioning it as an alternative to the US Securities and Exchange Commission. The bill, known as the Digital Commodities Consumer Protection Act (DCCPA), was co-sponsored by Senators Cory Booker (D-N.J.), Debbie Stabenow (D-Mich.), and John Boozman (R-Ark.). The bill also intended to establish a clear regulatory framework for the crypto market.

In addition, Thune has also voted against the SEC’s Staff Accounting Bulletin No. 121 (SAB 11), a controversial bill supported by former President Joe Biden. While both houses of the US Congress voted to repeal the bill, which required crypto custodians to record customer assets as liabilities on their balance sheets, Biden vetoed the resolution.

Fuelled by his crypto-supportive history, the community is hopeful of Thune’s promising initiatives in the crypto regulatory environment. However, it needs to be seen how Trump and Thune would reorganize the US crypto market.