Outcome Will Decide the Future of Crypto Legislation

Crypto Update
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Source: Adobestock/Joe Gough

The US midterm elections are underway, and the results could have more of an impact on the future of crypto regulation than most people believe.

Voting so far in the election has indicated a clear lead for the Republican Party to the House of Representatives, while the Senate is a bit more precarious. If Republicans can hold a majority in the House and Senate, America could face more political stalemate in the coming years, as the White House remains under Democratic control for at least two years.

For crypto, electoral affairs put regulatory matters important on the agenda of the government. Recently according to Bloomberg report goodThe crypto industry widely expected 2022 to be the year when regulatory clarity could finally arrive, or that lawmakers would – at the very least – come up with a plan to regulate crypto.

The report states that with only two months left of the year, however, the chances of Congress passing any crypto-related bills are very slim. Still, it’s not all bad for the crypto industry, where the general sentiment is that Republicans are expressing more favorable views compared to his Democratic colleagues.

For example, one of the most notable crypto critics in the House is Democratic Representative Brad Sherman, who first became known in the crypto community in 2019 when he proposed a Ban on buying crypto assets in America. Congressman made a more sarcastic comment on crypto during a hearing in December last year, when he suggested that “Bitcoin Could Be Displaced By Ether” and various obscure altcoins which he called “hamster coin” and “mongoose coin”.

Furthermore, it is believed that a Republican-controlled Congress will move more aggressively to pass the bills that the crypto industry is demanding. Additionally, Bloomberg also noted that Republicans may pressure regulators such as the SEC to reduce their position. Aggressive stance towards the crypto industry,

Commenting on Bloomberg on the regulatory outlook for crypto if the US ends up with a divided government after the election, Mike Conway, former chairman of the House Agriculture Committee who now lobbies on behalf of the crypto industry, said he is hopeful. Huh.

“So far, most things crypto remain relatively bipartisan,” Conway said, while passing crypto legislation would be an “easy victory” for the White House and Congress. At the same time, it will make it clear to everyone that Democrats and Republicans can still work together, he said.

As of press time at 21:00 UTC, the latest polling still indicated a Republican victory in the House, while the Senate remained a toss-up, according to politician, outlet too Told That Republicans were “filled with confidence” on election day that their party was “on track to claim a majority in both houses of Congress.”

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