Sen. Warren takes the helm as top Democrat of the Senate Banking Committee amid scrutiny from crypto industry

Sen. Elizabeth Warren, known in the crypto industry for being critical of digital assets, will take the spot as top Democrat of the influential Senate Banking Committee.

Warren released a statement on Wednesday responding to news of her becoming the top Democrat and said she planned to work to uplift the middle class. 

“In the aftermath of the 2024 election, it’s powerfully important for Democratic leadership to show that we can make life more affordable for working people and to act with urgency to rebuild our middle class," Warren said.

Democrat majority of the Senate flipped in last week's elections. Current Senate Banking Committee Chair Sherrod Brown, D-Ohio, lost his race after serving in the Senate since 2007 to Republican crypto-friendly candidate Bernie Moreno. Brown had been critical of crypto and called for a crackdown on the use of cryptocurrency to fund terrorism and evade sanctions and has told federal agencies to use their current authority to go after bad actors in the industry. 

Top leadership in the Senate Banking Committee is influential since the panel has jurisdiction over key agencies, including the U.S. Securities and Exchange Commission. The chair holds the purse strings for legislation, including crypto bills. 

Warren is pushing for the crypto industry to follow anti-money laundering rules and is behind a bill that would extend Bank Secrecy Act requirements, including know-your-customer rules, to miners, validators and wallet providers. Warren's statement comes after Politico reported on Tuesday that Sen. Mark Warner, D-Va., said he wanted to stay on as the top Democrat of the Senate Intelligence Committee, carving a pathway for Warren to be the top Democrat. 

The crypto industry spent millions of dollars, including from super political action committee Fairshake, to unseat Brown. Coinbase's Chief Legal Officer Paul Grewal responded to chatter on X about the industry's dollars going toward ousting Brown, causing Warren to rise to top Democrat. 

 Fox Business journalist Eleanor Terrett asked if the situation was ironic in a post on Tuesday. 

"Nah," Grewal posted on X, retweeting Terrett. "Making sure there wouldn't be a Chair Brown is worth even a Ranking Member Warren."