Originally published on: November 14, 2024
The cryptocurrency community is buzzing with anticipation as Senator John Thune of South Dakota takes the reins as the new Senate majority leader. With hopes of bringing regulatory clarity to the cryptocurrency industry in the United States, Thune’s victory over Senator Rick Scott of Florida has sparked optimism among crypto enthusiasts.
In his victory speech, Thune vowed to revitalize the American economy by cutting through bureaucratic red tape and rolling back costly regulations imposed by the Biden-Harris administration. As he aligns himself with the pro-crypto agenda set forth by President-elect Donald Trump, many are hopeful that Thune will pave the way for more crypto-friendly policies in the US.
Thune has a track record of supporting crypto regulation that favors innovation and growth. He previously co-sponsored the Digital Commodities Consumer Protection Act (DCCPA) in 2022, which sought to empower the US Commodity Futures Trading Commission (CFTC) with greater authority over crypto regulation. By positioning the CFTC as a viable alternative to the stringent approach of the Securities and Exchange Commission (SEC), Thune’s bill aimed to provide much-needed clarity in the crypto space.
Additionally, Thune’s vote to overturn the SEC’s restrictive rule on crypto custodians garnered praise from industry advocates, with Coinbase’s lobbying group Stand With Crypto commending him as a “strong crypto supporter.” His favorable stance on cryptocurrencies like Bitcoin and Ether has positioned him as a key ally of the crypto community.
While Thune’s alignment with President-elect Trump’s priorities is evident, it is worth noting that Trump refrained from endorsing a candidate in the Senate majority leader race. Despite this, Thune’s commitment to championing crypto-friendly policies has not gone unnoticed, with influential figures like Tesla CEO Elon Musk and conservative commentator Tucker Carlson throwing their support behind Senator Rick Scott.
With Thune at the helm, the crypto community remains optimistic about the future of the industry in the US. As regulatory discussions continue to unfold, all eyes are on the new Senate leader to deliver on his promises of fostering an environment that nurtures crypto innovation and growth.
