The Democratic sweep could be more BULLISH for crypto than it looks. Democratic control of Congress brings tougher oversight, but it also brings lawmakers who support digital…
Original source excerpt
The Democratic sweep could be more BULLISH for crypto than it looks. Democratic control of Congress brings tougher oversight, but it also brings lawmakers who support digital assets and blockchain in…
The Democratic sweep could be more BULLISH for crypto than it looks. Democratic control of Congress brings tougher oversight, but it also brings lawmakers who support digital assets and blockchain innovation. 245 pro-crypto candidates have been elected so far, according to Stand With Crypto. Thats 68.2% of midterm winners being pro-crypto. As Ripple’s Brad Garlinghouse put it: “Pro-crypto members won on both sides of the aisle.” “New Congress, with the same mission: clear rules, built in America.” Crypto has also become a major political force. The industry has spent over $170 MILLION on the midterms, largely through Fairshake and its affiliates, making its priorities harder for either party to ignore. That influence does not mean an easy legislative path. 'Anti-crypto' Elizabeth Warren and Maxine Waters are positioned to lead key committees, with stronger consumer protections, restrictions on illicit finance and scrutiny of Trump-family ventures such as World Liberty Financial likely to take priority. The resulting investigations could make the industry-backed version of CLARITY impossible to advance. But there is a constructive possibility after all as tougher negotiations could produce rules with broader political support and stronger safeguards. For crypto, this is a major opportunity in building a framework that can survive changes in power.
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