Massachusetts Senator Elizabeth Warren is reportedly set to become the Ranking Member on the Senate Banking Committee, replacing Sherrod Brown after his exit.

The shift comes despite major efforts by the cryptocurrency industry, which spent about $40 million to unseat Brown.

Warren’s Upcoming Role

Many crypto advocates saw the departure of the three-term Ohio senator, an outspoken critic of the digital asset industry, as a key turning point in the sector’s future. His Republican opponent, Bernie Moreno, received significant backing from crypto-related Political Action Committees (PACs), helping him clinch the seat with more than 2.8 million votes.

However, just as the community had started celebrating Brown’s ouster, the news of Elizabeth Warren’s likely appointment emerged. Virginia Senator Mark Warner, who some had expected would take Brown’s place in the House Banking Committee, confirmed that he would be staying on as the top Democrat on the Senate Intelligence Committee. His decision effectively clears Warren’s path to stepping into Brown’s former role.

Like Brown, Warren has developed a reputation as a vocal critic of digital currencies and a fierce watchdog of the financial sector.

If she assumes the position, many anticipate a continuation of the rigorous oversight the industry experienced under Brown’s leadership, if not a more intense focus. The 75-year-old is known for her calls for stricter crypto regulations, often highlighting the potential risks such assets pose to consumers and the American financial system.

Potential Implications for Crypto Legislation

According to various political insiders, Senator Tim Scott is expected to chair the committee. The Coinbase-backed Stand With Crypto Alliance ranks the South Carolina native as “strongly” supporting crypto, having made more than ten statements in the last year that were hugely supportive of the industry. He also voted for the SAB 121 house joint