Crypto-friendly Sen.-elect Bernie Moreno assigned to Senate Banking Committee
Quick Take
- The Senate Banking Committee has jurisdiction over two key agencies — the Securities and Exchange Commission and the Commodity Futures Trading Commission.
- Senator-elect Bernie Moreno clinched a win against Sen. Sherrod Brown in November.
Crypto-friendly Senator-elect Bernie Moreno (R-Ohio) has been assigned by soon-to-be Republican Senate Majority Leader John Thune to become a member of the Senate Banking Committee.
That committee could prove pivotal to the start of crypto-related bills in the new year. It has jurisdiction over two key agencies: the Securities and Exchange Commission and the Commodity Futures Trading Commission. Other crypto-friendly lawmakers, including Sen. Cynthia Lummis (R-Wyo), were assigned to stay on the committee.
The full Senate is expected to confirm the assignments early next Congress. Moreno has also been assigned to the Senate Commerce Committee, Senate Committee on the Budget, and Senate Committee on Homeland Security and Governmental Affairs, according to Thune's statement on Friday.
In November, Moreno clinched a win against current Senate Banking Committee Chair Sherrod Brown (D-Ohio). Super political action committee Fairshake donated $12 million to Moreno to unseat Brown, according to multiple news reports. A co-founder of ChampTitles, which uses blockchain technology to issue car titles, Moreno has made multiple statements about crypto, including a pledge to "lead the fight to defend crypto in the U.S. Senate" in an interview with Fox Business in June.
Brown, viewed as critical of the crypto industry, has served in the Senate since 2007. As chair of the Senate Banking Committee, he held the purse string for legislation to be brought up, including crypto bills.
Sen. Tim Scott (R-S.C.) is set to chair the Senate Banking Committee next year. Scott has also been open to the crypto industry and has said he would create a digital-asset-focused panel as lead of that committee.
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