The U.S. House of Representatives has just been won by the Republicans
New York City: Republicans now hold a majority in both houses of Congress, making it easier to pass new bills and regulations. This means that there will be more opportunities for cryptocurrency regulation in the near future than ever before.
The results of the November 8 U.S. election finally saw Republicans win at least 218 seats, splitting control of Congress as the urgency for crypto legislation is on the rise.
The new majority will likely result in a number of new bills being introduced in Congress this year, including one that would establish rules for how cryptocurrencies can be used within federal agencies such as the Securities and Exchange Commission (SEC).
The U.S. House of Representatives has just been won by the Republicans, which will result in a Republican-controlled Congress for the first time since 2011. The Republicans will have control of the House and Senate, but it is still unclear if they can gain enough seats to push through legislation that would significantly impact crypto regulation.
The Democrats were able to hold onto their majority in the Senate, but if they lose two seats there as well, they would also lose control of that chamber. With so much at stake, it’s a good time to consider what could happen with crypto law if Republicans gain control of both chambers of Congress.
With a Republican majority in both chambers of Congress, the next step is to pass legislation that would regulate digital currencies like bitcoin, Ethereum and other digital assets as securities or commodities.
The Securities and Exchange Commission (SEC) has been working with federal agencies such as the Commodity Futures Trading Commission (CFTC) and the Federal Reserve to regulate these investments, but it’s unclear whether they will be able to do so before lawmakers take action.
The results of the U.S. midterm elections on Nov. 6 finally saw Republicans win control of at least 218 seats in the U.S. House of Representatives, as well as a majority of governorships and state legislature seats—increasing the party’s chances of passing crypto legislation should they achieve a majority in both chambers.
As a result, Republicans will be able to shift the path for crypto bills that were previously stalled by Democrats and President Donald Trump, who took office in January 2017 and has since been aggressively pushing for bills that would favor his business interests over those of average citizens and consumers.
In fact, there are currently two bills pending before Congress that would regulate cryptocurrencies and digital assets like bitcoin: H.R. 1 (the “Consumer Financial Protection Bureau Accountability Act”) and S. 1177 (the “Digital Assets Privacy Act”). Both bills have been held up by Democrats who say they want to ensure that consumers can afford to use these new technologies without being unfairly targeted by banks or other financial institutions who may be pushing their own agendas through lawmakers’ offices at every turn; however, recent events have made it clear that Democrats won’t have much power
The crypto market has been volatile since last year, when many investors were worried about regulatory uncertainty surrounding cryptocurrencies and blockchain technology.