According to news on December 23, newly elected Ohio Republican Senator Bernie Moreno will serve on the Senate Banking Committee, which oversees the U.S. Securities and Exchange Commission (SEC) and plays a key role in formulating encryption legislation. In 2018, Moreno founded Ownum, a company that sells technology that puts car ownership on the blockchain. Before entering politics, he was a member of the blockchain policy organization The Digital Chamber. While Moreno did not include cryptocurrency among his 16 core “policy priorities” on his campaign website, he did issue multiple statements in support of the industry on X and campaign in the months leading up to the election. China openly opposes a harsh regulatory environment.