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12/11/24
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GOP Set to Strengthen Power: A New Era for Cryptocurrency Legislation
The Republican Party is anticipated to maintain control of the United States House of Representatives, consolidating its power after securing a majority in the Senate alongside Donald Trump’s presidential victory. The projection was confirmed by Decision Desk HQ, which indicated that the GOP is expected to gain at least the 218 seats necessary for a majority. This follows the reelection of Republican Juan Ciscomani in Arizona’s 6th congressional district.
As of now, there are still eight congressional races yet to be formally decided. The Republican Party is currently leading in Alaska’s only congressional seat and in three districts across California. Meanwhile, Democrats are maintaining leads in the remaining districts. Although the new Congress and administration will not officially begin until January 2025, this marks a historic moment, as it will be the first instance since midway through Trump’s last term in 2019 that the GOP holds a trifecta, governing both legislative branches and the executive branch.
Two notable cryptocurrency-related bills have faced delays in Congress and may find renewed momentum next year if they are not addressed during the current lame-duck session. The Financial Innovation and Technology for the 21st Century Act, which is aimed at establishing clearer guidelines for crypto regulation, has stalled in the Democrat-controlled Senate after being passed by the House earlier in the year. Similarly, legislation regarding stablecoins, known as the Clarity for Payment Stablecoins Act, has not progressed in the House.
The upcoming Congress is anticipated to be the most favorable for cryptocurrency in history. Recent reports highlight that a significant majority of candidates backed by pro-crypto political action committees (PACs) have emerged victorious in this election cycle, signifying an unprecedented level of influence for the cryptocurrency sector in the political arena.
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