Crypto
Sen. Bernie Moreno supports loosening regulations on some cryptocurrency assets
WASHINGTON, D.C. — Bernie Moreno’s victory in the Ohio Senate race was a big win for the cryptocurrency industry, which spent more than $40 million supporting his candidacy. Now in office, Moreno said he would support legislation the industry is seeking that would govern how it is regulated.
What You Need To Know
- Sen. Bernie Moreno said he would support new legislation to govern how the cryptocurrency industry is regulated
- The crypto industry spent tens of millions of dollars to support Moreno in the Ohio Senate race
- Moreno’s support of laws sought by crypto interests is a stark contrast from his Democrat predecessor, former Sen. Sherrod Brown
Moreno has long been involved with the crypto industry. He has a background in blockchain, the same technology used to for cryptocurrency. He previously founded Champ Titles, a digital car titling company that was among the first to use blockchain for digital titles.
The cryptocurrency industry also helped fuel his Senate win. Super PAC Defend American Jobs spent $40.1 million on the race, more than any other outside group. The super PAC is affiliated with Fairshake, another super PAC that is funded by Coinbase, Ripple and other crypto companies.
Moreno’s support of laws sought by crypto interests is a stark contrast from his Democrat predecessor, former Sen. Sherrod Brown.
As Chairman of the Senate Banking Committee, Brown blocked advancing a bill to loosen the regulation of some crypto assets, known as the Financial Innovation and Technology for the 21st Century Act, or FIT 21. The bill would reclassify many kinds of crypto as commodities rather than securities. Rules for commodities, examples of which include oil, wheat or electricity, are generally looser than those for financial securities like stocks or bonds. The bill passed the House last Congress, but remained stalled in the Senate Banking Committee.
Moreno now sits on the Banking Committee, as well as the Senate Committees for Homeland Security and Governmental Affairs; Commerce, Science and Transportation; Budget; and Banking, Housing and Urban Affairs.
“I got the committee assignments I wanted,” Moreno said. “Senator Thune was kind enough to get me on Banking.”
Moreno disagreed with the stance Brown had taken against legislation like FIT 21, countering that the rapidly growing cryptocurrency industry needs better clarification on regulations.
“Crypto is not looking to be deregulated. Crypto is looking to be treated fairly, to have transparent, consistent regulations that treat everybody equally and fairly. That’s what we want,” he said. “Look, at the end of they day, I understand how the technology works and I understand the industry. My opponent had no idea.”
With a new Congress, the House would have to re-introduce and pass another cryptocurrency regulation bill. FIT 21 previously received bipartisan support, with nearly all Republicans and about a third of Democrats voting for it.
Similar legislation would likely move more quickly this Congress, in which Republicans control the House, Senate and White House.
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Item 1 of 2 Representations of the Bitcoin cryptocurrency are seen in this picture illustration taken June 7, 2021. REUTERS/Edgar Su/Illustration
Set to launch on November 24, the trading will be available to accredited and institutional investors, SGX said in a statement.
Sign up here.
Perpetual futures are derivatives that allow traders to bet on asset prices without an expiry date and offer round-the-clock access and high leverage, making them a popular choice in fast-moving markets.
Investors and traders typically use derivatives to hedge risk, amplify returns or speculate on price movements without owning the underlying asset.
Crypto assets were on a tear for much of this year, buoyed by hopes of greater regulatory easing and clarity globally and renewed risk appetite.
Bitcoin reached a record high in October, but its rally has since stalled owing to dampened risk appetite as investors worry about the outlook for Federal Reserve rate cuts and a weakening U.S. economy.
Reporting by Rae Wee; Editing by Jamie Freed
Our Standards: The Thomson Reuters Trust Principles.
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