Crypto-Friendly Senator Bernie Moreno Set To Join Banking Committee

Key Takeaways

• Pro-crypto senator-elect Bernie Moreno will join the Senate Banking Committee.
• Moreno’s win over crypto skeptic Sherrod Brown marks a significant victory for the crypto sector.
• The growing number of pro-crypto lawmakers in Congress signals a shift in Washington’s political climate.

Washington’s political landscape is evolving as pro-crypto lawmakers and nominees gain greater influence in Congress.

One of the most notable shifts comes with the appointment of Senator-elect Bernie Moreno , a blockchain advocate, to the Senate Banking Committee, a panel overseeing the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

A Pivotal Appointment

Moreno’s appointment to the Senate Banking Committee could reshape the future of crypto legislation.

This committee holds substantial influence, directly overseeing major regulatory bodies like the SEC and CFTC, both of which play key roles in crypto regulation.

Alongside Moreno, pro-crypto figures like Senator Cynthia Lummis will continue to serve on the committee, reinforcing the growing presence of blockchain advocates within Congress.

The Senate will officially confirm these committee assignments at the beginning of the next Congress in late January 2025.

In addition to the Banking Committee, Moreno will serve on the Senate Commerce, Budget, Homeland Security, and Governmental Affairs Committees, further amplifying his ability to influence legislation.

Moreno’s Crypto Advocacy

Moreno’s victory in the Ohio Senate race , where he defeated incumbent Democrat Sherrod Brown, was symbolic for the crypto industry.

Brown, a well-known skeptic of the crypto industry, was the chair of the Senate Banking Committee before losing his seat to Moreno.

The crypto industry played a pivotal role in supporting Moreno’s campaign, with pro-crypto super PAC Fairshake spending $40 million to back him.

Moreno, a Colombian-born blockchain entrepreneur and co-founder of ChampTitles was heralded as a champion for the digital asset space.

His success was viewed as a test case for the $180 million the crypto sector has invested in electing candidates who support crypto-friendly policies.

Trump’s Crypto-Friendly Nominees

President-elect Donald Trump has been assembling a team of pro-crypto figures for key administration positions.

French Hill, a Republican from Arkansas, is set to chair the House Financial Services Committee and advance crypto legislation.

Additionally, Trump has nominated Brian Quintenz, former CFTC commissioner and a16z crypto policy leader, as the next head of the CFTC.

Paul Atkins , a long-time advocate of the crypto industry, has been tapped as SEC chair.

Trump’s picks align with his broader agenda to create a more crypto-friendly regulatory environment in the U.S.

These appointments signal a shift in Washington, with both Congress and the White House aligning to foster a more favorable landscape for cryptocurrencies.

As pro-crypto lawmakers and regulators gain power, the future of crypto legislation appears poised for significant change.