Senator John Thune of South Dakota was elected as the new Senate majority leader on November 13, 2024, after defeating Senator Rick Scott, who was endorsed by Elon Musk. The cryptocurrency industry is optimistic about Thune's leadership, anticipating regulatory clarity in the U.S. Thune has previously supported expanding the U.S. Commodity Futures Trading Commission's (CFTC) jurisdiction over cryptocurrency, advocating for the Digital Commodities Consumer Protection Act (DCCPA) in 2022, which aimed to clarify the regulatory framework for major cryptocurrencies like Bitcoin and Ether. This bill positioned the CFTC as the primary regulatory authority, suggesting concerns over the SEC’s regulatory reach. Thune has also taken a stance against requiring crypto custodians to list customer assets as liabilities. Coinbase's lobbying group recognized him as a strong supporter of crypto, reinforcing hopes among advocates for a more favorable regulatory environment under his leadership.

Source 🔗