Sen. John Thune, a Republican from South Dakota, has been elected Senate Majority Leader in the 119th Congress.
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 Elected as Senate Majority Leader Following GOP Leadership Vote
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.
Thune, who has served as McConnell’s deputy, helped cosponsor a crypto bill called the Digital Commodities Consumer Protection Act (DCCPA) in 2022.
Honored to serve as the next U.S. Senate majority leader. pic.twitter.com/zq9XLrPDUr
— Senator John Thune (@SenJohnThune) November 13, 2024
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.”
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).
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).
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. The Senate Agriculture Committee, led by Sen. Stabenow, later stated that if implemented, the DCCPA could have curbed some of FTX’s alleged misconduct.
Thune has also advocated against regulatory measures perceived as restrictive to the crypto industry.
Advocacy Against SEC Crypto Custody Guidelines
In May, he voted to overturn the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121).
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.
His stance on this issue aligns with that of other key congressional figures, including Senate Majority Leader Chuck Schumer (D-N.Y.), Sen. Cory Booker (D-N.Y.), and Sen. Jon Tester (D-Mont.), who have similarly voiced support for the measure to rescind SAB 121.
Thune’s election as Senate Majority Leader may signal potential momentum for crypto-focused legislation in the new Congress.
His prior support for regulatory clarity in digital commodities and opposition to restrictive accounting standards suggest he may prioritize balanced approaches to crypto regulation that encourage market growth while aiming to protect investors.
Thune defeated Sen. John Cornyn of Texas in the second round of voting, winning 29-24 after Sen. Rick Scott of Florida was eliminated in the first round with the fewest votes.
The leadership transition follows Republicans’ recent success in securing control of the Senate. They gained four seats in last week’s midterm elections. The GOP will assume majority control in January, while Democrats are set to hold their leadership elections in early December.
Notably, President-elect Donald Trump did not endorse a candidate in the leadership race. However, several of his high-profile allies, including Tesla CEO Elon Musk, commentator Tucker Carlson, and Robert F. Kennedy Jr., endorsed Scott.
Current Senate Majority Leader Chuck Schumer, D-N.Y., congratulated Thune and expressed a willingness to collaborate across party lines.
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