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Thune, who will succeed Sen. Mitch McConnell, has a record of supporting crypto-focused legislation. He was chosen during a private vote and is set to assume his leadership role next year.
Sen. John Thune, a Republican from South Dakota, has been elected Senate Majority Leader in the 119th Congress.
Thune, who has served as McConnell’s deputy, helped cosponsor a crypto bill called the Digital Commodities Consumer Protection Act (DCCPA) in 2022.
According to news reports on Wednesday, the Republican from South Dakota won the GOP leadership position in a closed-door ballot held Wednesday in the Old Senate Chamber.
Sen. John Thune Elected as Senate Majority Leader Following GOP Leadership Vote
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 commodities, seeking to establish clear legal definitions and oversight by the Commodity Futures Trading Commission (CFTC).
Thune, who currently serves on the Senate Finance Committee, which oversees taxation and revenue, has previously sponsored the 2022 Digital Commodities Consumer Protection Act (DCCPA).
He expressed gratitude for the support of his colleagues on X, stating, “I am extremely honored to have earned the support of my colleagues to lead the Senate… and I am beyond proud of the work we have done to secure our majority and the White House.”
The Senate Agriculture Committee, led by Sen. Stabenow, later stated that if implemented, the DCCPA could have curbed some of FTX’s alleged misconduct.
The bill gained notable attention when former FTX CEO Sam Bankman-Fried, a supporter of the DCCPA, faced allegations of fraud following FTX’s collapse due to a liquidity crisis.
This guideline mandates that companies holding crypto on behalf of clients record these assets as liabilities, which has been controversial in the crypto community for potentially discouraging banks from providing digital asset custody services.
In May, he voted to overturn the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121).
