- New Senate Majority Leader John Thune is expected to support pro-crypto legislation.
- Thune has backed CFTC’s jurisdiction over crypto, moving away from the SEC’s approach.
- Industry experts anticipate Thune’s leadership may bring regulatory clarity for crypto in the US.
The crypto industry anticipates greater regulatory clarity following Senator John Thune’s election as the new Senate Majority Leader on Nov. 13. Thune, a Republican from South Dakota, defeated Senator Rick Scott of Florida in the race, pledging to “overturn costly Biden-Harris regulations” in his acceptance speech. His support for cryptocurrency regulation reform aligns with the priorities of President-elect Donald Trump, raising hopes for crypto-friendly policies.
Source: John Thune
Thune’s Track Record on Crypto Policy
Thune has previously shown support for policies that would clarify digital asset regulations. In 2022, he co-sponsored the Digital Commodities Consumer Protection Act (DCCPA), which proposed expanding the Commodity Futures Trading Commission’s (CFTC) oversight of crypto, particularly for major assets like Bitcoin and Ether. This bill was seen by many in the industry as a step toward providing a more consistent regulatory approach in the United States.
Thune has also been a critic of certain Securities and Exchange Commission (SEC) policies, such as Staff Accounting Bulletin No. 121, which requires crypto custodians to list customer assets as liabilities. This stance has been applauded by Coinbase’s lobbying group, Stand With Crypto, which describes Thune as “strongly supportive” of the crypto sector.
Crypto Advocates React to Thune’s Leadership
With Trump’s election and Thune’s new leadership role, several industry experts anticipate a regulatory shift favorable to digital assets. Fox Business journalist Eleanor Terrett described Thune’s views as “very pro-crypto,” and the crypto community expects his leadership could facilitate a clear regulatory framework, enhancing stability and growth for the industry.
Thune, while supporting many of Trump’s proposed initiatives, was not directly endorsed by the president-elect. Trump allies, including Elon Musk and Tucker Carlson, had endorsed Scott. However, Thune’s independent approach to crypto policy has garnered bipartisan interest, hinting at a potentially transformative period for U.S. crypto regulation.
