Republican Senator John Thune from South Dakota has been appointed Senate Majority Leader in a move that could lead to clearer regulations for the cryptocurrency industry.
Known for his support of digital assets, Thune has been consistently pushing to expand the Commodity Futures Trading Commission’s (CFTC) jurisdiction over the crypto sector, an effort many see as crucial to establishing a safe regulatory environment for digital assets.
FOX Business reporter Eleanor Terrett broke the news of Thune’s stance on Twitter, noting that the new Majority Leader “was one of the sponsors of the Senate Agriculture Committee’s original bill that aimed to expand the CFTC’s oversight of digital assets.” “He is very pro-crypto,” she added.
Thune, who has served in the Senate since 2004, became the Majority Representative in 2019 and now steps into the role of Majority Leader after running against two GOP colleagues, John Cornyn of Texas and Rick Scott of Florida. Thune, who has served as both the Republican Conference and Commerce Committee chair in his past, is known for his policies on the economy and technology.
Thune’s appointment could mark a turning point for crypto regulation, aligning with an administration that has expressed support for the industry. While Thune has occasionally clashed with President-elect Donald Trump, particularly over Trump’s claims about the 2020 election, he ran on a platform dedicated to implementing Trump’s policy goals.
“I am deeply honored to have the support of my colleagues to lead the Senate in the 119th Congress,” Thune said in a statement after his appointment. “This Republican team is united behind President Trump’s agenda, and our work begins today.”
*This is not investment advice.