John Thune Elected Senate Majority Leader, Promises Crypto-Friendly Regulations
John Thune has been elected Senate Majority Leader, potentially leading to more favorable cryptocurrency regulations under the Commodity Futures Trading Commission (CFTC). Thune is known for supporting pro-crypto policies and previously advocated for bringing crypto regulation under the CFTC instead of the stricter Securities and Exchange Commission (SEC). Thune’s new role could enhance the push for CFTC oversight, indicating a shift in Congress toward more supportive crypto regulations.
Thune has sponsored legislation aimed at granting the CFTC greater authority over crypto regulation. The CFTC is perceived as more accommodating to the industry compared to the SEC, which maintains a stringent stance on digital assets. With Thune in a leadership position, there is hope within the crypto community that he will revive this approach.
Thune's leadership reflects a growing pro-crypto trend in Congress, particularly among Republicans. Discussions are ongoing about replacing SEC Chair Gary Gensler with someone more aligned with crypto interests. Gensler’s potential exit, combined with Thune’s influence, could make CFTC oversight of crypto assets more likely.
A recent proposal from a Republican Congressman seeks to promote cooperation between the SEC and CFTC on cryptocurrency regulation. If such a bill passes, it may result in a unified, less restrictive approach, appealing to crypto advocates. With Thune's backing, Congress may advance new policies that favor the growth and development of the crypto industry in the U.S.