The appointment of John Thune as Senate Majority Leader sparks hope for pro-crypto regulations in the US.
Thune’s Victory Fuels Crypto Hopes
On November 13, Senator John Thune of South Dakota emerged as the new Senate Majority Leader after a significant victory against Florida Senator Rick Scott, who had the backing of tech mogul Elon Musk. This election outcome has sparked optimism within the cryptocurrency community, which sees Thune as a potential ally in the fight for clearer and more favorable crypto regulations in the United States.
Thune’s Vision for America
Following his win, Thune shared his vision for America’s future, emphasizing the need to streamline bureaucracy and reverse what he called costly Biden-Harris regulations. His speech highlighted his readiness to work on the agenda of pro-crypto President-elect Donald Trump, including championing regulatory changes that could benefit the digital asset industry.
Crypto-Friendly Policies in Thune’s Track Record
The crypto community has reason to believe that Thune will push for policies that align with its goals. Notably, Thune has been a strong proponent of expanding the U.S. Commodity Futures Trading Commission’s (CFTC) jurisdiction over cryptocurrencies. His advocacy for the CFTC, seen as more crypto-friendly compared to the U.S. Securities and Exchange Commission (SEC), is viewed as a promising development.
Thune’s Role in Crypto Legislation
In 2022, Thune co-sponsored the Digital Commodities Consumer Protection Act (DCCPA), a bill designed to bring regulatory clarity to the crypto industry by granting the CFTC authority over digital assets like Bitcoin and Ether. The bill positioned these assets as digital commodities, offering an alternative to the SEC’s stringent regulations. While hailed as a significant step by some crypto advocates, the bill still requires further work to reach its full potential.
Opposition to SEC’s Accounting Rule
In addition to his support for the CFTC’s involvement in crypto regulation, Thune has actively opposed regulations seen as burdensome for the industry. In May, he voted to overturn the SEC’s Staff Accounting Bulletin No. 121 (SAB 11), which required crypto custodians to treat customer assets as liabilities on their balance sheets. This action highlighted his stance on reducing regulatory hurdles for crypto companies.
Crypto Community’s Positive Outlook
Thune’s record and statements have earned him praise within the cryptocurrency community. His positions have been endorsed by lobbying groups such as Coinbase’s Stand With Crypto, which refers to him as a “strong crypto supporter.” Fox Business journalist Eleanor Terrett also emphasized Thune’s pro-crypto stance, citing his track record and influence on important legislative matters.
Looking Ahead to Thune’s Leadership
With Thune now holding the powerful position of Senate Majority Leader, many within the crypto industry are hopeful that his leadership will usher in a more balanced and clear regulatory environment. His support for crypto legislation and his alignment with the broader Republican agenda under President-elect Donald Trump suggest that the industry may soon see more favorable regulatory conditions.
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