⚡ New Republican Leader Gains Crypto Industry’s Support
posted 14 Nov 2024
The crypto industry anticipates regulatory progress with John Thune at the helm of the Republican Party in the U.S. Senate, especially with a solid Republican majority in both chambers.
Thune secured victory over Rick Scott in an internal vote, despite Scott’s support from Elon Musk. This indicates that senators are prepared to chart their own course regarding digital assets, independent of President Donald Trump’s broader agenda.
Thune has pledged to create a favorable environment for the crypto industry’s development, potentially encompassing broader digital asset regulation, a dedicated law for stablecoins, and tailored rules for tokenized assets.
We will work to make America prosperous again by streamlining the bureaucratic machine and overturning costly Biden-Harris regulations,Thune declared.
The Republican Senate leader has historically been an advocate for expanding the authority of the Commodity Futures Trading Commission (CFTC) to oversee cryptocurrency regulation. This was framed as an alternative to the harsh and often unclear policies of the U.S. Securities and Exchange Commission (SEC).
At the time, representatives from the crypto sector described the proposed bill as a promising base for ongoing discussions about industry regulation. Thune also supported rescinding SEC Staff Accounting Bulletin No. 121 (SAB 121), which requires companies to treat client assets as liabilities, thus hindering business capabilities.
It’s noteworthy that in the November 2024 elections, the number of pro-crypto senators increased to 19, surpassing the 12 senators opposed to digital assets. According to analysts from the Stand with Crypto project, Thune is viewed as an ardent advocate of cryptocurrency.
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