John Thune, sponsor of a previous effort to give the CFTC regulatory jurisdiction over crypto, was voted the new Senate Majority Leader. From this position, he represents a growing pro-crypto movement in Congress.
Thune may attempt to empower the CFTC over crypto once again, but this is not his only option for friendlier regulations.
Thune’s Crypto History
According to recent reports, South Dakota Senator John Thune is set to be the Republican Party’s new Senate leader. Commentators within the community are hopeful about Thune’s possible impact on crypto regulation because he has supported the industry in the past. The BBC claimed that Thune is not a close Trump ally, but he professed his loyalty.
“I am extremely honored to have earned the support of my colleagues to lead the Senate in the 119th Congress. This Republican team is united behind President Trump’s agenda, and our work starts today,” Thune said via social media post.
Specifically, Thune previously sponsored a bill to bring cryptocurrency regulation under the CFTC’s jurisdiction. The Commodity Futures Trading Commission (CFTC) generally has looser compliance than the SEC, which has frequently ruled against crypto in the past. Presumably, Thune could use his new position to restart this tactic or otherwise facilitate the industry.
However, it is worth noting that although the Commission has appointed crypto advocates to prominent roles, it hasn’t been an entirely friendly entity. In particular, it has engaged in crackdowns on non-US businesses, claiming that “access to US customers is a privilege.”
More to the point, the CFTC’s reputation as the most pro-crypto regulator may change under Trump. One of Trump’s largest campaign promises to the industry was a vow to fire SEC Chair Gary Gensler, after all. Gensler’s replacement will likely be much friendlier to the industry.
Additionally, a Republican Congressman also filed a bill to encourage SEC-CFTC cooperation in the crypto space. An effort like this could further undermine any anti-crypto voices in the SEC. Finally, the industry is experiencing substantial momentum, and it will have many options to pursue friendly policies.
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