Originally published on: November 06, 2024
Recent election results have shown that the Republican Party has gained control of the United States Senate, raising hopes for favorable cryptocurrency regulations in the country.
With key Senate wins in Ohio and West Virginia, Republicans now have majority control of the Senate, signaling a potential shift towards more positive crypto regulations, according to the Associated Press.
The 2024 elections saw over 240 pro-crypto candidates elected to both the House of Representatives and the Senate, marking a significant milestone in the push for clear crypto regulations in the US. Anastasija Plotnikova, CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm, described this as a “historic achievement” that could lead to innovation-friendly regulations under a Republican-led Senate.
Experts like Anndy Lian, author and intergovernmental blockchain expert, believe that a Republican Senate could bring much-needed clarity to US crypto regulations. Lian highlighted the possibility of reviewing business-friendly bills, such as the Digital Commodities Consumer Protection Act, which aims to provide exclusive jurisdiction to the Commodity Futures Trading Commission for digital asset trading.
Another key piece of legislation that the crypto industry is hoping to see approved is the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. This bill proposes the creation of a strategic Bitcoin reserve for the US, positioning the country as a pioneer in using Bitcoin as a “savings technology.”
The shift in Senate control is seen as a crucial factor in shaping the future of crypto regulations, potentially affecting the oversight of the Securities and Exchange Commission in the crypto space. Experts like James Davies, CEO of Crypto Valley Exchange, anticipate significant changes in regulation under a Republican-led Senate.
Overall, the 2024 elections have been hailed as a positive development for the crypto industry, with industry leaders like Brian Armstrong, co-founder and CEO of Coinbase, describing it as “America’s most pro-crypto Congress ever.” This new political landscape could pave the way for more explicit and favorable crypto regulations in the US.
For more insights on the impact of the election results on the crypto market, don’t miss the latest episode of the Rise’n’Crypto podcast by Cointelegraph. Stay informed and stay ahead in the rapidly evolving world of cryptocurrency.
