Senator Bernie Moreno supports new legislation for regulating cryptocurrency, diverging from former Senator Sherrod Brown’s stance. Backed by significant contributions from the crypto industry, Moreno aims for clearer frameworks that classify more cryptocurrencies as commodities. His committee assignments enhance his ability to influence these regulations, with the possibility of quicker legislative processes under the current Republican majority in Congress.
In a significant development for the cryptocurrency sector, Senator Bernie Moreno, who recently won the Ohio Senate race, has pledged to support new legislation governing cryptocurrency regulations. The industry notably backed his campaign with over $40 million, signalling its vested interest in his policies. Moreno’s position diverges sharply from former Senator Sherrod Brown, who had been critical of such regulatory adjustments.
Moreno has extensive experience in blockchain technology, having co-founded Champ Titles, a pioneer in utilising blockchain for digital car titles. This familiarity with the crypto space aligns with his upcoming role in the Senate, where he will influence regulatory frameworks. The funding for Moreno’s campaign largely came from the super PAC Defend American Jobs, which is associated with Fairshake, backed by key crypto firms such as Coinbase and Ripple.
Moreno’s circumstances are in stark contrast to the actions of his Democratic predecessor, who as Chair of the Senate Banking Committee blocked advances on the Financial Innovation and Technology for the 21st Century Act (FIT 21). This pivotal bill aimed to classify a broader range of cryptocurrencies as commodities, which would subject them to lighter regulations compared to securities. Although FIT 21 passed the House last Congress, it was stalled in the Senate Banking Committee.
Now serving on various committees, including Banking, Moreno has emphasised the necessity for clearer cryptocurrency regulations, a perspective he believes is essential for the industry’s growth. He indicated that the crypto sector is not seeking deregulation but aims for equitable and transparent regulations. Moreno expressed satisfaction with his committee assignments, particularly his position on Banking, facilitated by Senator Thune.
To advance regulatory frameworks, the new Congress will require the House to reintroduce and pass another bill on cryptocurrency regulations. Historically, FIT 21 received bipartisan support, making its return plausible under the current configuration where Republicans control both Congress and the White House. This political shift is anticipated to expedite similar legislative efforts within the upcoming session.
