Senator John Thune, a Republican from South Dakota, has been elected Senate majority leader in the 119th Congress.
Thune, who will replace Senator Mitch McConnell, has a record of supporting legislation focused on cryptocurrencies. He was elected in a secret ballot and is expected to take over as leader next year.
According to news reports Wednesday, the South Dakota Republican won the GOP leadership post in a secret ballot held Wednesday in the old Senate chamber. Thune, who served as McConnell’s deputy, helped co-sponsor a cryptocurrency bill called the Digital Commodities Consumer Protection Act (DCCPA) in 2022.
He expressed gratitude for the support of his colleagues on X, stating:
“I am extremely honored to have won the support of my colleagues to lead the Senate…and I am more than proud of the work we have done to secure our majority and the White House.”
Thune, who currently sits on the Senate Finance Committee, which oversees taxes and revenue, previously sponsored the Digital Consumer Protection Act (DCCPA) of 2022.
The bill, co-sponsored by Senators Cory Booker (D-N.J.), Debbie Stabenow (D-Mich.) and John Boozman (R-Ark.), proposed a regulatory framework for digital goods, seeking to establish clear legal definitions and oversight by the Commodity Futures Trading Commission (CFTC).
The bill gained significant attention when former FTX CEO Sam Bankman-Fried, a supporter of the DCCPA, faced accusations of fraud after FTX collapsed due to a liquidity crisis. The Senate Agriculture Committee, led by Senator Stabenow, later said that if implemented, the DCCPA could reduce some of the FTX’s alleged fraud.
Thune has also advocated against regulatory measures seen as restricting the cryptocurrency industry. In May, he voted to repeal the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121).
The guidelines mandate that companies storing cryptocurrencies on behalf of customers record those assets as liabilities, a move that has been controversial in the cryptocurrency community because it potentially discourages banks from providing digital asset depository services.
His position on the issue is in line with the views of other key congressional figures, including Senate Majority Leader Chuck Schumer (D-N.Y.), Senator Cory Booker (D-N.Y.) and Senator Jon Tester (D-Mont.), who have similarly expressed support for the measure to repeal SAB 121.
Thune’s election as Senate majority leader could signal potential momentum for cryptocurrency-focused legislation in the new Congress.
His past support for regulatory clarity on digital goods and opposition to restrictive accounting standards suggest that he may prioritize balanced approaches to cryptocurrency regulation that encourage market growth while protecting investors.
Thune defeated Senator John Cornyn of Texas in the second round of voting, winning 29-24, after Senator Rick Scott of Florida was eliminated in the first round with the fewest votes.
