The U.S. crypto community is hopeful for regulatory progress following the election of Senator John Thune as Senate Majority Leader.
Thune, a long-time advocate for balanced crypto regulations, defeated Elon Musk-endorsed Senator Rick Scott on November 13 to win the leadership role.
As CNBC noted, Thune’s alignment with President-elect Donald Trump’s agenda signals potential support for streamlined regulations across sectors.
– Advertisement –
Senator Thune’s track record has inspired optimism. In 2022, he in part sponsored the Digital Commodities Consumer Protection Act.
It is a bill that positioned the Commodity Futures Trading Commission (CFTC) as the primary regulator for major digital assets like Bitcoin and Ether.
This move was widely seen as an alternative to the U.S. Securities and Exchange Commission’s stricter approach.
– Advertisement –
According to Stand With Crypto, Coinbase’s advocacy group, Thune’s stance on this bill aligns him with the crypto industry’s interests.
In Controversial SEC measure (SAB 121) that would have required crypto custodians to account for customer assets as liabilities on their balance sheets.
Another win for blockchain with Thune carrying an A grading at stand with crypto – if you have not already signed up please do so to get the real scoop on US politicians and their crypto stances https://t.co/TA4S4Pl1n8
— Matthew C. Le Merle (@mlemerle) November 13, 2024
The Fox Business report highlighted that this vote further solidified his reputation among crypto advocates, who argue that the SEC’s rules have been too restrictive for the industry’s growth .
The crypto community, already energized by Trump’s pro-crypto stance, views Thune as a strong ally.
Although President-elect Trump did not endorse a specific candidate in the Senate leadership race, Trump allies like Elon Musk have signaled their enthusiasm for other candidates.
Path Forward for U.S. Crypto and Thune’s new role could potentially drive a shift toward balanced crypto oversight.
If he prioritizes the CFTC’s regulatory role, it could ease SEC scrutiny, spurring new investments in the crypto sector.
His leadership will be closely followed by both investors and regulators as the industry awaits clarity on rules that could define crypto’s future in the U.S.
With support from influential industry voices and a pro-crypto administration, Thune’s influence in the Senate may mark a turning point.
The crypto community is eager to see if his leadership will deliver the transparency and regulatory balance it has long sought.
