Republican Senator John Thune of South Dakota was elected Senate Majority Leader of the 119th Congress in a closed-door vote, and will succeed Mitch McConnell. Thune defeated Texas Senator John Cornyn in the second round of voting by 29 to 24 votes. As a cryptocurrency supporter, Thune co-sponsored the Digital Commodity Consumer Protection Act (DCCPA) with Senators Cory Booker, Debbie Stabenow, and John Boozman, which aims to establish a clear legal definition for digital commodities and be regulated by the Commodity Futures Trading Commission (CFTC). In May of this year, he also voted in favor of overturning the SAB 121 guidance of the U.S. Securities and Exchange Commission (SEC) requiring crypto custodians to record customer assets as liabilities.