Big news for crypto enthusiasts! South Dakota Senator John Thune has been elected as the next Senate Majority Leader, and this is huge for the crypto community. Thune is known for being a pro-crypto figure, and his leadership could bring significant benefits to the industry ¹.
Thune has already made waves by attempting to create a legal definition for digital commodities, including cryptocurrencies, in 2022. He wants to ensure that crypto trading falls under the Commodity Futures Trading Commission's (CFTC) authority, which is also the preference of industry players ¹. Additionally, Thune voted in favor of a bill that removes the SEC's barrier to banks offering crypto custody services in May.
As the new Senate Majority Leader, Thune will play a crucial role in shaping the legislative agenda. Here are some key items on the horizon:
- *Approval of Cabinet Nominees*: After Trump takes over on January 20, the first agenda item will be confirming his cabinet picks ¹.
- *Renewal of 2017 Tax Cuts*: Thune has expressed support for renewing the tax cuts, which could have a positive impact on the economy ¹.
- *Energy and Immigration Laws*: These are also expected to be on the agenda, with potential implications for various industries ¹.
- *Crypto-Related Legislation*: While not explicitly stated, Thune's pro-crypto stance suggests that crypto-related bills may be considered in the future.