Crypto-friendly Republican Congressman Bernie Moreno will join the Senate Banking Committee

BlockBeats News, December 23rd, 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 shaping cryptocurrency legislation. Moreno has received over $40 million in funding from a political action committee (PAC) supporting cryptocurrency to defeat incumbent Ohio Democratic Senator and cryptocurrency critic Sherrod Brown.

During his tenure as Chairman of the Senate Banking Committee, Brown refused to prioritize cryptocurrency legislation, thwarting the passage of bills related to market structure and stablecoins, much to the industry's dismay. Brown also supported Massachusetts Senator Elizabeth Warren in holding a hearing on how terrorist organizations leverage cryptocurrency and consistently called for regulatory oversight of the industry.