Odaily Planet Daily News Newly elected Ohio Republican Senator Bernie Moreno will join the Senate Banking Committee, which is responsible for overseeing the U.S. SEC and plays a key role in shaping cryptocurrency legislation. Moreno received over $40 million in funding from pro-cryptocurrency political action committees (PACs) to defeat incumbent Ohio Democratic Senator and cryptocurrency critic Sherrod Brown. During his tenure as chairman of the Senate Banking Committee, Brown refused to prioritize cryptocurrency legislation, hindering the passage of bills related to market structure and stablecoins, which left the industry deeply dissatisfied. Brown also supported Massachusetts Senator Elizabeth Warren in holding hearings on how terrorist organizations utilize cryptocurrencies and has continuously called for regulators to control the industry. Blockchain Association Director of Government Relations Ron Hammond stated, "Ironically, anti-cryptocurrency Senator Brown not only lost to pro-cryptocurrency Senator Moreno but also lost his seat on the Senate Banking Committee. Moreno joins a strong roster of other pro-cryptocurrency senators and brings unique expertise from actually running a blockchain company. His deep understanding of cryptocurrencies and doing business in the U.S. will add momentum to the Senate Banking Committee." As a member of the Senate Banking Committee, Moreno will have the authority to comment on legislative details related to U.S. economic policy, including details related to cryptocurrency market structure, stablecoins, and the potential establishment of a national Bitcoin reserve. Several members of Congress have committed to prioritizing legislation on these topics next year. South Carolina Republican Senator Tim Scott will serve as the committee chair and decide which bills to prioritize; Scott has also expressed support for cryptocurrencies but has not received financial backing from the industry like Moreno.

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