- The outcome of the US elections will impact crypto legislation and policies, including bills like FIT21, leadership of the SEC, and enforcement of crypto-related crimes.
- Control of the Senate will determine committee leadership and the legislative agenda, with key races like Ohio and Texas potentially flipping the majority.
- The House of Representatives also has authority over crypto legislation, and both parties are negotiating terms of a potential stablecoin bill.
The 2024 US midterm elections could have a major impact on the future of cryptocurrency policy and regulation in the United States. With control of the House, Senate, and presidency up for grabs, the outcome of the Nov. 5 elections will shape crypto legislation for years to come. This article explores the key races and scenarios that could determine the path forward for the crypto industry.
The Battle for the Senate
The current Senate is split 51-49 in favor of the Democrats. However, 34 seats are being contested on Nov. 5, meaning that control of the Senate is very much uncertain. The Senate plays a crucial role in setting the legislative agenda and confirming presidential appointments, so the outcome of key Senate races could be pivotal for crypto.
Some of the most important races include:
- Ohio: Democrat Sherrod Brown vs Republican Bernie Moreno. Brown chairs the powerful Senate Banking Committee and is a noted crypto skeptic, while Moreno is pro-crypto. This race is essentially a toss-up.
- Texas: Democrat Colin Allred vs incumbent Republican Ted Cruz. Cruz has been a vocal advocate for crypto, while Allred has also expressed support. Polls show Cruz with a slim lead.
- Montana: Democrat Jon Tester vs Republican Tim Sheehy. A close race that could help flip the Senate to the Republicans.
The Battle for the House
Like the Senate, the House of Representatives has the power to shape crypto legislation and oversight. All 435 seats are up for election, and PACs have spent millions supporting pro-crypto candidates.
Some factors in play:
- Republicans currently have a slim majority. Whichever party wins the House majority will control key committee chairs.
- Rep. Patrick McHenry, a crypto supporter, is retiring. If Republicans keep the majority, Rep. French Hill could take his place overseeing crypto issues.
- If Democrats win the House, Rep. Maxine Waters would likely lead the Financial Services Committee.
The Presidential Race
The outcome of the Donald Trump vs Kamala Harris presidential race will impact crypto policy:
- Trump has made pro-crypto promises like firing SEC Chair Gary Gensler.
- Harris has said she would be open to supporting crypto if elected. Her stances remain uncertain.
- The presidential race outcome may influence how much bipartisan support emerges for crypto legislation.
Many experts predict key Senate race results by Nov. 6, followed by the presidential and House outcomes. The crypto industry will be closely watching this election that could shape policy for years to come.
Conclusion
The 2024 elections will have an outsized impact on the future of cryptocurrency regulation and legislation in America. With control of Congress and the presidency in the balance, the outcome of key races will determine whether crypto policy becomes more favorable or more restrictive. Advocates on both sides of the aisle are pushing hard to elect candidates sympathetic to their causes. By the end of the week, we’ll have a much better idea of what direction crypto policy is headed based on who voters choose to represent them.
