In November, the Republican Party managed to gain a majority in the United States Congress. Little by little, congressmen are reshaping the House of Representatives as well as the Senate so that future President Donald Trump can implement his policies, particularly those in favor of cryptocurrencies.
A pro crypto senator to chair the Senate banking committee
Bernie Morenoa recently elected Republican senator whose favorable position on cryptocurrencies is established, would have been designated by John Thune, future leader of the Republican majority in the United States Senate, as new chairman of the Banking Commission of the upper house of Congress.
Also called the “banking commission,” this Senate committee has jurisdiction over the two government agencies that currently regulate the cryptocurrency market in the United States: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
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Among the current members of this commission, we find in particular Republican Senator Cynthia Lummis. The latter, known for having presented a bill aimed at providing the United States with a strategic reserve in Bitcoin (BTC), should retain its seat there. The Senate will be required to confirm all of this very soon.
In November, during the senatorial elections which took place in parallel with the American presidential elections, Bernie Moreno won his duel facing the former president of the Senate banking commissioner, Sherrod Brown. The latter, who had served in the Senate since 2007, was known for his very conservative positions with regard to cryptocurrencies.
The pro-crypto political action committee (PAC) Fairshake had provided 12 million dollars to the Republican candidate to finance his campaign and win against Sherrod Brown. Brian Armstrong, CEO of Coinbase, was also pleased with the result.
Co-founder of ChampTitles, a start-up that uses blockchain technology to issue car title titles, Bernie Moreno has spoken on multiple occasions about cryptocurrencies. He notably promised to “ lead the fight to defend the crypto industry in the US Senate, » if he were to be elected.
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Little by little, the new Trump Administration is preparing the ground
Following the Senate and House of Representatives elections, the United States Congress has now come under a Republican majority. A real boon for Donald Trump who will be inaugurated on January 20 as the 47th president of the United States.
Indeed, with this majority, he will be able to implement the policy he imagined over the next 2 years. This includes, among others, the promises he made during his campaign to establish a clear legislative framework for cryptocurrencies.
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For this, Donald Trump seems to have prepared the ground. He made a series of nominations, placing Paul Atkins as president of the SEC, David Sacks as head of AI and cryptocurrencies, as well as Bo Hines at the head of his crypto council.
At the same time, in the Senate, John Thune appointed Bernie Moreno to the banking commission, but also Tim Scott, member of this same committee, as Chairman of the Senate Finance Committee. The senator was also open to cryptocurrencies, declaring that he would create a panel focused on digital assets if he were to chair this financial commission.
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Source: Press release from John Thune
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Investments in cryptocurrencies are risky. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital
Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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