Pro-Crypto Republican Bernie Moreno to Join Senate Banking Committee

Newly elected Ohio Republican Senator Bernie Moreno will join the Senate Banking Committee, which oversees the U.S. SEC and plays a key role in developing cryptocurrency legislation. Moreno received more than $40 million from a pro-cryptocurrency political action committee (PAC) to defeat incumbent Ohio Democratic Senator and cryptocurrency critic Sherrod Brown. Brown refused to prioritize cryptocurrency legislation during his tenure as chairman of the Senate Banking Committee, thereby hindering the passage of bills related to market structure and stablecoins, which deeply dissatisfied the industry. Brown also supported Massachusetts Senator Elizabeth Warren to hold hearings on how terrorist organizations use cryptocurrencies and continued to call for regulators to control the industry. Ron Hammond, director of government relations at the Blockchain Association, said: "It is ironic that anti-cryptocurrency Senator Brown not only lost to pro-cryptocurrency Senator Moreno, but also lost his seat on the Senate Banking Committee. Moreno joins a strong lineup of other pro-cryptocurrency senators and brings unique expertise from actually running a blockchain company. His deep knowledge of cryptocurrency and doing business in the United States will be a great addition to the Senate Banking Committee." As a member of the Senate Banking Committee, Moreno will have the power to weigh in on the details of legislation related to U.S. economic policy, including those related to the structure of the cryptocurrency market, stablecoins, and the possible establishment of a national Bitcoin reserve. Several members of Congress have pledged to prioritize legislation on these topics next year. Republican Senator Tim Scott of South Carolina, who will chair the committee and decide which bills to prioritize, has also expressed support for cryptocurrency, but does not have the financial support of the industry like Moreno. (Unchained)