Republican

Peter Todd

The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.
Republicans took control after securing key Senate seats in Ohio and West Virginia, <a data-ct-non-breakable="null" href="https://apnews.com/live/trump-harris-election-updates-11-5-2024" rel="nofollow noopener" target="_blank" text="null" title="https://apnews.com/live/trump-harris-election-updates-11-5-2024">according</a> to the Associated Press.
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 <img alt="Republican Senate majority signals more ‘pro-crypto Congress’" src="https://s3.cointelegraph.com/uploads/2024-11/0193018a-0035-7e69-89bd-28437d3f25c4" title="">
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 Senate results, 2024 elections. Source: Associated Press
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Over 240 pro-crypto candidates were elected to the House of Representatives and Senate in a “historic achievement” for clear crypto regulations in the US, according to Anastasija Plotnikova, the CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.
Plotnikova told Cointelegraph:
<blockquote>
 “It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”
</blockquote>
A Republican-led Senate, paired with a presidential administration that supports crypto, could lead to innovation-friendly regulations. This could help the US regain ground as a global leader, particularly as Europe moves closer to implementing its comprehensive regulatory framework, the&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mica-systemic-banking-risks-stablecoin-tether-ceo" rel="null" target="null" text="null" title="null">Markets in Crypto-Assets Regulation (MiCA) bill</a>, by the end of 2024.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-win-confirmed-jim-cramer-predict-harris-win" rel="null" target="null" text="null" title="null">Trump win confirmed? Jim Cramer says markets predict Harris win</a>
<h2 id="lighter-regulations-and-more-oversight-for-cftc">Lighter regulations and more oversight for CFTC</h2>
A Republican Senate may finally bring clarity to US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.
He told Cointelegraph:
<blockquote>
 “The Republican focus on reducing government oversight could lead to a lighter regulatory touch, which would be a win for the industry […] A Republican Senate could mean fewer aggressive anti-crypto moves and more opportunities for open discussions about how to support innovation.”
</blockquote>
The new Senate may review delayed business-friendly bills like the Digital Commodities Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive <a data-ct-non-breakable="null" href="https://www.congress.gov/bill/117th-congress/senate-bill/4760" rel="nofollow noopener" target="_blank" text="null" title="https://www.congress.gov/bill/117th-congress/senate-bill/4760">jurisdiction</a> over digital asset trading, Lian added.
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 <img alt="Republican Senate majority signals more ‘pro-crypto Congress’" src="https://s3.cointelegraph.com/uploads/2024-11/0193018a-a35c-7ee3-bd65-1205b0a80368" title="">
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 Digital Commodities Consumer Protection Act of 2022. Source: Congress.gov
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The crypto industry is also hoping to see the approval of the Bitcoin <a data-ct-non-breakable="null" href="https://www.lummis.senate.gov/press-releases/lummis-introduces-strategic-bitcoin-reserve-legislation/" rel="nofollow noopener" target="_blank" text="null" title="https://www.lummis.senate.gov/press-releases/lummis-introduces-strategic-bitcoin-reserve-legislation/">Act</a>, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) reserve for the US, making it the first nation to use it as a “savings technology.”
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 <img alt="Senate, Bitcoin Regulation, United States, Donald Trump, Bitcoin Adoption, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/01930199-2a3b-7189-a960-a9089ea79dad" title="">
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 Lummis Bitcoin Act. Source: Lummis.senate.gov 
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The bill cited the US’ “soaring inflation rates” and the national debt reaching “unprecedented heights” as reasons for the adoption of Bitcoin reserves to bolster the country’s balance sheet.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/top-polymarket-whale-profits-20-m-trump-victory" rel="null" target="null" text="null" title="null">Top Polymarket whale profits $20M from Trump victory</a>
<h2 id="republican-senate-to-change-sec-oversight-over-crypto-industry">Republican Senate to change SEC oversight over crypto industry?</h2>
Controlling the Senate is at least as important for the future of crypto regulations as the president, according to James Davies, CEO of Crypto Valley Exchange.&nbsp;
This could significantly change the <a data-ct-non-breakable="null" href="https://cointelegraph.com/tags/sec" rel="" target="_self" text="null" title="https://cointelegraph.com/tags/sec">Securities and Exchange Commission’s</a> oversight of the crypto space, Davies told Cointelegraph:
<blockquote>
 “This shift changes SEC oversight, which has proven to be as impactful as, if not more than, the SEC chair […] Now we await public announcements from Trump on SEC nominations to fulfill his promises to the US crypto community that supported him.”
</blockquote>
Davies said he hopes that Chris Giancarlo, former CFTC chair, will be nominated for Gensler’s seat at the SEC.
<figure>
 <img alt="Republican Senate majority signals more ‘pro-crypto Congress’" src="https://s3.cointelegraph.com/uploads/2024-11/0193018b-37ed-7f9b-8afd-cc77a29ac657" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/brian_armstrong/status/1854028856409436226" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/brian_armstrong/status/1854028856409436226">Brian Armstrong</a>
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The crypto industry sees the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-elections" rel="" target="_self" text="null" title="https://cointelegraph.com/news/us-elections">2024 presidential elections</a> as a net positive. Coinbase co-founder and CEO Brian Armstrong&nbsp;said it was “America’s most pro-crypto Congress ever,” which will facilitate more explicit crypto regulations.
<h2 id="what-does-trump-s-victory-mean-for-crypto-in-the-us">What does Trump’s victory mean for crypto in the US?</h2>
For the latest analysis of Trump’s election victory and the crypto market reaction, tune in to today’s Rise’n’Crypto podcast from Cointelegraph. 
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/microsoft-bitcoin-vote-peter-todd-satoshi-bitfinex-wallet-hack-hodlers-digest/" rel="null" target="null" text="null" title="null">Microsoft set to vote on Bitcoin, Peter Todd hiding, and more: Hodler’s Digest, Oct. 20–26</a>

Republican Senate majority signals more ‘pro-crypto Congress’

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