Senator-elect Bernie Moreno Joins Senate Banking Committee

• Bernie Moreno joins the Senate Banking Committee, which oversees the SEC and CFTC.
• Moreno defeated crypto-critic Senator Sherrod Brown in November’s election.

Senator-elect Bernie Moreno, a Republican from Ohio, has been assigned to the Senate Banking Committee. Incoming Republican Senate Majority Leader John Thune announced the appointment. This committee oversees two critical agencies, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Moreno’s appointment is seen as a significant development for advancing crypto-related legislation. The Senate Banking Committee influences bills related to cryptocurrency markets, stablecoins, and financial policy. Other pro-crypto lawmakers, like Senator Cynthia Lummis from Wyoming, will also remain on the committee.

In November, Moreno defeated Senator Sherrod Brown, a Democrat known for his critical stance on cryptocurrencies. Brown’s tenure as chair of the committee saw limited progress on crypto-focused bills. He also supported stricter regulations on cryptocurrencies, citing concerns about their misuse.

Pro-Crypto Shift in Senate Committees

Moreno, co-founder of ChampTitles, a blockchain-based car title company, brings expertise to the committee. He has strongly supported cryptocurrencies, pledging to defend digital assets in the Senate. His appointment aligns with Republican efforts to prioritize crypto-friendly policies.

Senator Tim Scott, another crypto supporter, will lead the committee starting next year. Scott plans to establish a panel focusing on digital assets. However, unlike Moreno, he has received less financial backing from the crypto industry. The Senate appointed Moreno to the Commerce, Budget, and Homeland Security Committees. These roles will allow him to influence policies beyond cryptocurrency.

The new Senate Banking Committee composition signals a shift toward crypto-friendly legislation. Industry stakeholders anticipate progress on bills addressing market structure, stablecoins, and possibly a national Bitcoin reserve. The Senate is expected to confirm these assignments early in the next Congress.

Moreno’s win over Brown highlights changing attitudes toward cryptocurrency in Washington. A pro-cryptocurrency PAC contributed over $40 million to Moreno’s campaign, emphasizing the industry’s growing political influence. 

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