John Thune, a major proponent of granting the Commodity Futures Trading Commission (CFTC) regulatory jurisdiction over crypto, has been elected the new Majority Leader of the United States Senate. In this position, Thune represents a growing pro-crypto movement in the US Congress.
Additionally, he may try to empower the CFTC over crypto once again, but that is not his only option for friendlier regulations.
Thune's Crypto History
Community commentators are optimistic about Thune’s potential impact on crypto regulation, as he has supported the industry in the past. The BBC stated that Thune is not a close ally of Trump, but he has affirmed his loyalty.
“I am incredibly honored to have earned the support of my colleagues to lead the Senate in the 119th Congress. This Republican team is united behind President Trump’s agenda, and our work begins today,” Thune said in a post on X.
Thune previously sponsored a bill to bring cryptocurrency regulation under the jurisdiction of the CFTC. The agency has more flexible enforcement than the SEC, which has frequently ruled against the crypto market in the past. Thus, Thune could use his new position to restart this tactic or otherwise facilitate the industry.
However, it is worth noting that while the Commission has appointed crypto advocates to prominent roles, it has not been an entirely friendly entity. In particular, it has engaged in crackdowns on non-US companies, claiming that “access to US customers is a privilege.”
Additionally, the CFTC’s reputation as the most pro-crypto regulator could change under Trump. One of the Republican’s biggest campaign promises to the industry was to fire current SEC Chairman Gary Gensler.
A Republican congressman has also introduced a bill to encourage cooperation between the SEC and CFTC in the crypto space. An effort like this could further undermine any anti-crypto voices at the SEC. Finally, the industry is experiencing substantial momentum and will have many options to pursue friendly policies.
The article US Senate leader is pro-crypto and could speed up sector regulation was first seen on BeInCrypto Brazil.