Originally published on: November 14, 2024
The cryptocurrency community is abuzz with optimism following the appointment of Senator John Thune from South Dakota as the new Senate majority leader. With Thune’s victory over Elon Musk-endorsed Senator Rick Scott, hopes are high for a new era of regulatory clarity in the United States.
In a post-victory speech, Thune outlined his vision of revitalizing America by cutting through bureaucratic red tape and rolling back the regulatory measures put in place by the Biden-Harris administration. The senator also expressed his commitment to President-elect Donald Trump’s pro-crypto agenda, signaling a potential shift towards more crypto-friendly policies in the country.
Thune’s track record suggests that he may indeed be a strong advocate for the cryptocurrency industry. In the past, he has pushed for expanding the regulatory powers of the US Commodity Futures Trading Commission (CFTC) over crypto assets, presenting it as a viable alternative to the more stringent approach adopted by the US Securities and Exchange Commission (SEC).
One of Thune’s notable contributions to the crypto space was the Digital Commodities Consumer Protection Act (DCCPA), a bill he co-sponsored in 2022. The legislation aimed to empower the CFTC to oversee the regulation of major cryptocurrencies like Bitcoin and Ether as digital commodities, challenging the SEC’s jurisdiction over these assets.
While the DCCPA was lauded as a pivotal step towards achieving regulatory clarity in the crypto industry, some experts believe that further clarification is needed to refine the bill’s provisions.
Thune’s support for the crypto community was also evident in his vote to overturn the SEC’s Staff Accounting Bulletin No. 121, a rule that imposed stringent recording requirements on crypto custodians. His stance on this issue has earned him praise from advocacy groups like Stand With Crypto, who recognize him as a staunch supporter of the industry.
Despite Thune’s alignment with Trump’s priorities, it is worth noting that the president-elect did not officially endorse him in the Senate majority leader race. This stands in contrast to the support garnered by Thune’s opponent, Senator Rick Scott, from influential figures like Elon Musk and Tucker Carlson.
As Thune assumes his new role as Senate majority leader, all eyes are on him to deliver on his promises of regulatory reform and support for the crypto industry. With his pro-crypto stance and dedication to streamlining regulations, Thune could be the catalyst for a new era of growth and innovation in the US crypto market.
