South Dakota Republican John Thune has won the post of Senate Majority Leader in the 119th Congress, opening a new frontier that might change the game.
South Dakota Republican John Thune has won the post of Senate Majority Leader in the 119th Congress, opening a new frontier that might change the game for cryptocurrency legislation in Washington. The veteran legislator and known crypto-friendly politician won the hotly contested leadership race in the historic Old Senate Chamber.
Thune, who has been Mitch McConnell’s deputy, won the job in a second-round vote over Texas Senator John Cornyn 29-24 after Florida's Rick Scott was eliminated in the first round. This comes after the Republicans won an insurgent campaign to capture the Senate with seats four gained in recent midterms.
The Senator's rise to leadership in the Senate thus promises a bright future for cryptocurrency regulation. Having been on the Senate Finance Committee, Thune has been actively involved with digital asset policy, most notably by co-leading the DCCPA in 2022. The bill sought to outline clearly some regulatory approaches towards digital commodities under the oversight of the CFTC.
The crypto industry's legislative agenda is just one chapter in the Thune saga. In May, the senator led the opposition against the SEC's Staff Accounting Bulletin No. 121 which forced companies to recognize client-held crypto assets as liabilities—a requirement detractors said would discourage banks from offering digital asset custody services.
Senate Majority Leader Chuck Schumer congratulated his successor and said he remains open to bipartisan cooperation. Former President Trump did not take sides in the leadership race, but among those showing support for Rick Scott's candidacy were Elon Musk and Tucker Carlson.
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