Crypto-Friendly Senator-Elect Bernie Moreno Assigned to Senate Banking Committee

Crypto-friendly Senator-elect Bernie Moreno (R-Ohio) has been assigned by soon-to-be Republican Senate Majority Leader John Thune to the Senate Banking Committee.

This committee could play a crucial role in the introduction of crypto-related legislation in the coming year. It oversees two significant agencies: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Additionally, other crypto-friendly lawmakers, such as Sen. Cynthia Lummis (R-Wyo), will remain on the committee.

The full Senate is expected to confirm these assignments early in the upcoming Congress. Moreno will also serve on the Senate Commerce Committee, the Senate Committee on the Budget, and the Senate Committee on Homeland Security and Governmental Affairs, as stated by Thune on Friday.

In November, Moreno won against the current Senate Banking Committee Chair Sherrod Brown (D-Ohio). Reports indicate that the super political action committee Fairshake contributed $12 million to Moreno's campaign to unseat Brown. Moreno, a co-founder of ChampTitles, which utilizes blockchain technology for car titles, has publicly pledged to "lead the fight to defend crypto in the U.S. Senate" during an interview with Fox Business in June.

Brown has been critical of the crypto industry, serving in the Senate since 2007. As the chair of the Senate Banking Committee, he controlled which legislation could be brought to the floor, including crypto bills.

Next year, Sen. Tim Scott (R-S.C.) is set to chair the Senate Banking Committee. He has expressed openness to the crypto industry and plans to establish a digital-asset-focused panel as the committee's lead.