30s Summary
The Republican party’s control of the US Senate suggests potential upsides for cryptocurrency regulation. Republican leadership could propose or revive pro-business bills such as the Digital Commodities Consumer Protection Act, nurturing a more supportive regulatory environment for digital asset trading. Advocates in the crypto industry suggest that Senate control may be even more critical to future legislation than presidential authority. Also, there is significant anticipation around the proposed Bitcoin Act, which could establish a strategic Bitcoin reserve for the country, and potentially set a global precedent. It’s hoped that crypto-friendly figures will occupy key regulatory roles.
Full Article
The Republicans have taken hold of the US Senate and this could be good news for crypto regulation in the world’s biggest economy. They got the majority after clinching important Senate seats in Ohio and West Virginia.
Over 240 candidates who are friendly to crypto got the nod for the House of Representatives and the Senate. This is a big win for clear crypto rules in the US, says Anastasija Plotnikova, the boss of Fideum, a company focusing on regulatory and blockchain infrastructure. Plotnikova is chuffed about what this means for crypto regulations. It’s a big step forward and she’s keen to see the positive impacts.
With a pro-crypto president and now a Republican Senate, the US could see some cool news regulations that encourage innovation. This could see it regain its footing as a global leader as Europe marches on toward implementing its own comprehensive regulatory framework, the Markets in Crypto-Assets Regulation bill, by the end of 2024.
A Republican-led Senate could help clear up US crypto regulations, says Anndy Lian, an author and blockchain expert. Business-friendly bills like the Digital Commodities Consumer Protection Act (which would give the Commodity Futures Trading Commission (CFTC) exclusive rights over digital asset trading) could be looked at again, according to Lian.
The crypto world is also hoping to see the Bitcoin Act get the thumbs up. This bill has been pushed for by Senator Cynthia Lummis and it plans to make a strategic Bitcoin reserve for the US, marking it as the first country to use it as a “savings technology.”
Having control of the Senate is key for the future of crypto regulations, maybe even more so than who is president, says James Davies, boss of Crypto Valley Exchange. A move like this could really change the Securities and Exchange Commission’s (SEC) oversight of the crypto world. The hope is that Chris Giancarlo, ex-chair of the CFTC, will land Gensler’s spot at the SEC.
Crypto players are celebrating the 2024 presidential elections, calling it a positive for the industry. For instance, Brian Armstrong, the co-founder and CEO of Coinbase, said it was “America’s most pro-crypto Congress ever.” This could pave the way to clear up crypto regulations.