The cryptocurrency sector in the United States sees potential for regulatory improvements following the election of Senator John Thune from South Dakota as the new Senate majority leader.
With his selection, crypto enthusiasts are hopeful that Thune’s leadership will help push forward initiatives to establish a more favorable regulatory environment for digital assets.
Thune secured the majority leader position on November 13, surpassing Senator Rick Scott of Florida, who was endorsed by Elon Musk. In his victory speech, Thune emphasized his commitment, "We will work to make America prosperous again by streamlining the bureaucratic machine and overturning costly Biden-Harris regulations".
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Backing President-elect Donald Trump’s agenda, which includes a pro-crypto stance, Thune has indicated he is prepared to collaborate closely with the new administration to address regulatory hurdles the industry faces.
Thune’s track record reveals a favorable stance on cryptocurrency issues. He has previously supported the expansion of the Commodity Futures Trading Commission’s (CFTC) authority over the regulation of digital assets.
Furthermore, in May, Thune backed a measure to overturn the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This regulation currently requires that cryptocurrency custodians treat customer assets as liabilities on their balance sheets.
Thune’s opposition to this requirement has been noted by Stand With Crypto, Coinbase
On November 13, journalist Eleanor Terrett of Fox Business highlighted Thune’s support for the industry, stating that “He is very pro-crypto”. This perspective from a key figure in financial media further reinforces the belief that Thune’s leadership could mark a positive change for the industry.
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