The Republican Party is on the verge of controlling the U.S. House of Representatives, which could change the country's cryptocurrency regulation. This article examines the potential implications and future market forecasts.
Potential Impact of Republican Control on Crypto Regulations
With a majority secured in the Senate at 53 – 46, Republicans could enforce policies supported by Donald Trump, including those affecting the crypto industry. Speculations are rife about appointments to regulatory bodies, with Dan Gallagher, a former SEC commissioner, mentioned as a potential candidate for SEC chair.
Crypto Lobby's Influence After U.S. Elections
While Republicans thrived in the elections, the significant win was for the crypto industry, investing heavily in candidate campaigns. The Crypto Super PAC Fairshake supported 48 candidates, all of whom won. Crypto support also aided Bernie Moreno in his win over Senator Sherrod Brown. Brian Armstrong, CEO of Coinbase, stated: 'DC received a clear message that being anti-crypto is a good way to end your career.'
Standard Chartered's Forecasts for Crypto Market's Future
With Republicans projected to control Congress, the crypto industry is expected to reach a market cap of $10 trillion by 2026. Analysts at Standard Chartered anticipate increased institutional interest in stablecoins, potentially reaching $1 trillion. Bitcoin is predicted to soar to $200,000 by late 2025. The market has already seen a surge, with Bitcoin reaching a new all-time high of $79,000.
Republican control of Congress may open new avenues for crypto regulation and industry development. The market's future will depend on the steps and decisions made at the federal level.
