TechFlow news — On November 14, according to Cryptonews, South Dakota Republican Senator John Thune was elected Senate Majority Leader for the 119th Congress during a closed-door vote on November 13, succeeding Mitch McConnell. Thune defeated Texas Senator John Cornyn by a vote of 29 to 24 in the second round.
A supporter of cryptocurrency, Thune co-sponsored the Digital Commodities Consumer Protection Act (DCCPA) in 2022 alongside Senators Cory Booker, Debbie Stabenow, and John Boozman. The bill aims to establish a clear legal definition for digital commodities and place them under the regulatory authority of the Commodity Futures Trading Commission (CFTC). In May of this year, he also voted in favor of overturning the SEC's SAB 121 guidance, which requires crypto custodians to record customer assets as liabilities.
