Thune Elected as Senate Majority Leader

Sen. John Thune, a supporter of crypto legislation, has been elected to serve as Senate Majority Leader for the upcoming 119th Congress.

The Republican from South Dakota was chosen during a closed-door meeting on Wednesday, as reported by news outlets.

> "I am extremely honored to have earned the support of my colleagues to lead the Senate in the 119th Congress, and I am beyond proud of the work we have done to secure our majority and the White House," Thune stated on X.

Thune currently sits on the Senate Finance Committee, overseeing taxes and revenue. He was a cosponsor of the 2022 crypto bill, the Digital Commodities Consumer Protection Act (DCCPA), alongside Sen. Cory Booker and other sponsors, including Senators Debbie Stabenow and John Boozman.

Former FTX CEO Sam Bankman-Fried reportedly supported the DCCPA. His exchange later failed amid a liquidity crisis and allegations of fraud. The Senate Agriculture Committee, led by Stabenow, claimed that the DCCPA would have prevented FTX's misconducts.

The bill aimed to define digital commodities legally and subject their trading to the Commodity Futures Trading Commission (CFTC).

> “Technology continues to transform digital commodities, and it’s critical that the Commodity Futures Trading Commission has the proper tools to regulate this growing market,” said Sen. Thune when introducing the bill in 2022.

Additionally, Thune voted in May to overturn the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin No. 121 (SAB 121), which mandates that firms custodying crypto must list customer crypto holdings as liabilities. This rule has faced criticism in the crypto sector for potentially hindering banks from safeguarding digital assets.

Senate Majority Leader Chuck Schumer and several Democrats, including Senators Cory Booker and Jon Tester, also supported the measure to overturn SAB 121.