The Republican Party retains control of the US House, potentially influencing the advancement of cryptocurrency legislation.
Election Results
On November 12 at 12:13 am UTC, Decision Desk HQ projected that the Republican Party would secure the 218 seats needed for a majority in the House by winning in Arizona’s race. Eight seats remain undecided, with Republicans leading in Alaska and three California districts.
Impact on Cryptocurrency
Republicans hope to advance two stalled crypto-related bills next year: the Financial Innovation and Technology for the 21st Century Act and a stablecoin framework bill. Both passed the House but stalled in the Senate.
Future Political Landscape
The next Congress is expected to be the most pro-crypto ever. According to a Politico report, 50 out of 58 candidates backed by crypto PACs have been elected. “Never in history has crypto had the influence in an election as it did this year,” the report states.
With control of the House, Republicans may significantly impact crypto regulation development in the US. The new political landscape opens up opportunities for growing the role of cryptocurrencies in the economy.
