According to Cointelegraph, Democratic Senator Sherrod Brown delivered a parting message to United States lawmakers in the Senate Banking Committee as he prepares to leave office in January. In a notice dated December 11, Brown, who chairs the Senate Banking Committee, expressed concerns in his prepared remarks for an upcoming hearing before the next Congress and President-elect Donald Trump assume office. The Ohio senator warned that corporate special interests might exploit Trump's nominations, potentially allowing them to take advantage of workers and customers.
Senator Brown criticized Trump for allegedly opening the government to corporate influence, stating, "He's opening up our government to the highest corporate bidder." He emphasized the importance of the Consumer Financial Protection Bureau (CFPB) as a safeguard for ordinary Americans, urging committee members to protect it as a resource for citizens seeking advocacy. Brown highlighted the challenges the committee might face, including issues related to algorithmic pricing, artificial intelligence, and cryptocurrency. He noted that these risks could potentially divert money from working Americans to corporate elites.
Brown's departure follows his loss in the November election to Republican Bernie Moreno. The election saw significant financial involvement from the crypto industry, with the political action committee Fairshake, backed by crypto industry players, spending over $40 million on advertisements. This financial influence may have contributed to the Senate's shift towards a Republican majority. Brown, who has been a vocal critic of cryptocurrency, has served as the banking committee chair since 2021. Massachusetts Senator Elizabeth Warren, another prominent critic of cryptocurrency, announced she would become the ranking member of the committee once Republicans take control in January.
In related developments, the Senate Banking Committee was scheduled to vote on December 11 on whether to advance the nomination of Securities and Exchange Commission (SEC) member Caroline Crenshaw to the full chamber. However, reports from the CFPB hearing indicated that the vote was delayed and had not been conducted at the time of reporting. Crypto interest groups have urged lawmakers to oppose Crenshaw's nomination, which could extend her tenure at the SEC until 2029. With SEC Chair Gary Gensler set to resign on January 20, Crenshaw would be one of only two Democratic policymakers remaining at the regulatory agency, alongside Commissioner Jaime Lizárraga.