Michaela
Republican businessman and cryptocurrency advocate Bernie Moreno has secured a spot on the Senate Banking Committee following his victory over incumbent Senator Sherrod Brown in the November elections.
In a December 20 press release, Senate Majority Leader-elect John Thune announced that Moreno is set to join several key Senate committees. These are the Senate Banking Committee, the Senate Budget Committee, the Senate Commerce Committee, and the Senate Committee on Homeland Security and Governmental Affairs.
As a member of the Senate Banking Committee, Moreno is expected to have a significant influence on shaping US economic policies, particularly those addressing the structure of the cryptocurrency market, regulation of stablecoins, and the potential creation of a national Bitcoin reserve.
He will also be serving alongside Senator Cynthia Lummis, a prominent pro-Bitcoin advocate, who recently introduced a proposal allowing the Federal Reserve to hold Bitcoin as part of its reserve assets. Moreno is set to take office on January 3, 2025.
Related: Florida Court Lets $80M Binance Bitcoin Lawsuit Move Forward
Bernie Moreno Defeats Brown
Moreno’s campaign garnered significant backing from the cryptocurrency industry, with pro-crypto political action committees (PACs) providing substantial financial support for his effort to unseat Senator Brown. The Fairshake super PAC, which is backed by prominent crypto companies, notably contributed around $41 million to Moreno’s campaign. Brown lost to Moreno by 200,000 votes.
Bernie Moreno has been outspoken about his support for digital assets, earning considerable backing from the cryptocurrency community.
Related: US CFTC Approves Spot Crypto Trading on Regulated Exchanges
“Glad to see big time loser Sherrod Brown and his boss, Elizabeth Warren, failed spectacularly (again) in their pathetic, last minute, bid to stack the SEC with anti-crypto radicals,” Moreno wrote in an X post. This is response to the Senate Banking Committee’s decision to halt the nomination of U.S. Securities and Exchange Commission (SEC) commissioner Caroline Crenshaw.
Moreno’s new position offers a platform to push for clearer regulations that could foster innovation and growth in the cryptocurrency industry. His election reflects a broader trend of pro-crypto candidates gaining traction and securing seats in Congress.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
