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    Senator John Thune elected as new Senate majority leader with a pro-crypto agenda

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    The US Republican Party elected pro-crypto Senator John Thune as the new Senate majority leader. He beat Senator Rick Scott of Florida and is expected to clarify cryptocurrency rules in the US. Thune supports extending the US Commodity Futures Trading Commission’s (CFTC) control over crypto rules, a contrast to the US Securities and Exchange Commission’s approach. He endorsed the Digital Commodities Consumer Protection Act, a bill to give the CFTC more power to regulate crypto, which was praised by Coinbase’s lobbying group, Stand With Crypto.

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    Folks in the crypto world are pumped after the US Republican Party elected Senator John Thune as the new Senate majority leader. We’re all hoping for some clear rules around cryptocurrency in the United States, and Thune might be the guy to deliver them.

    In case you missed it, Thune managed to beat out Senator Rick Scott of Florida for the top role in the Senate on November 13. And yes, that’s the same Rick Scott who had a strong endorsement from Tesla’s main man, Elon Musk.

    After his win, Thune made a speech where he promised to work on reducing red tape and getting rid of some heavy regulations from the Biden-Harris administration. We’re not sure exactly what that’ll mean yet, but it has a lot of people excited about where this could lead for crypto in the US.

    Thune is a well-known supporter of crypto, having previously proposed extending the US Commodity Futures Trading Commission’s (CFTC) control over cryptocurrency rules. This would be a different approach from the US Securities and Exchange Commission’s way of doing things.

    Back in 2022, Thune gave his backing to a crypto bill called the Digital Commodities Consumer Protection Act (DCCPA); a bill designed to give the CFTC more power to regulate crypto. This proposal considers big-name cryptos like Bitcoin and Ether as digital commodities and sees the CFTC as the best authority to regulate them, instead of the SEC.

    This stance on crypto was praised by Coinbase’s lobbying group, Stand With Crypto, who describe him as a “strong crypto advocate.” So, while it’s apparent that Thune is a big fan of crypto, we’ll have to wait and see how this plays out for regulation. One thing’s for sure though, the crypto world will be watching Thune’s moves closely.

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