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Republicans have solidified their majority in Congress, unifying America’s federal government for the first time under an ostentatiously pro-crypto party in an election outcome that could prove extremely fortuitous for the industry.
What’s the Scoop?
- Red Sweep: The Associated Press now projects that Republicans have secured the U.S. House of Representatives, adding to their majority in the Senate and giving President-elect Trump license to implement nearly any policy he pleases during his first year in office.
- Commission Control: Along with the majority in both chambers comes control over all Congressional commissions; Republican chair persons will become responsible for setting committee agendas, scheduling hearings, and formulating end policy recommendations.
Bankless Take:
While the crypto industry has long been encumbered by onerous financial regulations, many in the space are feeling optimistic for change over the next four years, anticipating that the Trump Administration will specifically carve out a variety of enforcement exemptions for crypto projects. America’s unified government may codify such non-enforcement policies in legislation, extending the duration of their benefits well beyond Trump’s time in office.
Official Republican party platform on crypto. Couldn't really ask for anything more:
— nic carter (@nic__carter) July 8, 2024
✅ End crypto crackdown
✅ No CBDC
✅ Right to mine
✅ Right to self-custody
✅ Right to transact freely pic.twitter.com/6Q1KREFxnF
