Senator-elect Bernie Moreno (R-Ohio) has been appointed to the Senate Banking Committee, a move announced by incoming Republican Senate Majority Leader John Thune.

This committee oversees crucial regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and could play a significant role in developing crypto legislation in the upcoming congressional session.

Moreno’s appointment follows his victory over incumbent Senator Sherrod Brown (D-Ohio) in the November elections. His campaign received substantial financial support from the super political action committee Fairshake, which contributed $12 million to help him unseat Brown.

As a co-founder of ChampTitles, a company that uses blockchain technology to issue car titles, Moreno has expressed a commitment to supporting the cryptocurrency industry. He has previously stated his intention to "lead the fight to defend crypto in the U.S. Senate" during a June interview with Fox Business.

In addition to the Banking Committee, Moreno will also serve on the Senate Commerce Committee, the Senate Committee on the Budget, and the Senate Committee on Homeland Security and Governmental Affairs.

His assignment comes at a time when the committee's composition is seen as pivotal for crypto-related initiatives.

Senator Tim Scott (R-S.C.) is slated to chair the Senate Banking Committee, succeeding Brown. Scott has indicated a willingness to engage with the cryptocurrency sector, proposing the establishment of a digital asset-focused panel under his leadership.

The full Senate is expected to confirm committee assignments early in the next congressional session, setting the stage for potential legislative developments in the crypto arena.