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Impact of the New US Congress on Cryptocurrency Regulation

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by Giorgi Kostiuk

a year ago

The 119th US Congress has been sworn in, marking a political shift with Republicans in control of both chambers, indicating potential significant changes across various sectors, including the cryptocurrency industry.

Political Shift and Crypto Regulation

This week, ambitions related to potential changes in cryptocurrency regulation intensified after Trump-backed Mike Johnson was re-elected as the US House Speaker. His narrow 218-215 victory underscores the Republican Party's increased influence in Congress.

Ripple's Role and Upcoming Changes

Ripple's CEO has expressed optimism about the incoming administration, calling the Republican-controlled Congress 'the most pro-crypto' in history. These comments followed Trump's electoral victory, sparking expectations of regulatory changes favorable to the crypto industry.

Meeting Outcomes and Community Expectations

Reports surfaced about meetings involving Ripple CEO Brad Garlinghouse, IOG's Charles Hoskinson, and Trump's team discussing future regulatory frameworks for the crypto sector. While these meetings remain unconfirmed by Garlinghouse, they signal the new administration's interest in crypto regulation.

The Republican-led Congress and Trump's pro-crypto administration are expected to shape a new era for cryptocurrency regulation in the United States, causing optimism in the crypto community about future changes.

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