30s Summary

The Republican Party has maintained control of the U.S. House of Representatives, sparking predictions of comprehensive crypto legislation in the upcoming term. The party’s victorious streak extends to the White House with Donald Trump’s re-election, and a majority in the Senate confirmed by the Associated Press. The House has actively pursued crypto legislation, and this momentum is expected to continue under Republican majority. Fairshake political action committee backed several winning candidates in this election, while others await final results. It remains undecided who will lead the Republican side on the House’s Financial Services Committee, which is developing comprehensive crypto regulation.

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The Republican Party has managed to hold onto the U.S. House of Representatives for another two years. This win fuels speculation about comprehensive crypto legislation in the upcoming Congress, and means the Republicans are dominating the scene for at least a couple more years.

Guess what, the Republicans have already nabbed the White House thanks to Donald Trump’s reelection. Plus, they’ve also managed to bag a few Senate seats, achieving a majority in the chamber of Congress during the recent election. It turns out they’ve secured a minimum of 218 seats as confirmed by the Associated Press on Wednesday late night.

The House of Representatives has been most active on the crypto legislation front at the federal level, especially during the past year. Many crypto-focused bills were passed by a majority of the 435 lawmakers. The Republicans had a slim majority in the House during this period but there were chances that the Democrats could flip it in the 2024 election.

Yet, the Republicans nailed it with Juan Ciscomani’s election in Arizona, which tipped the scales in favor of a majority for the party. They even took the lead in a few other races, and may gain up to 222 seats if the current results stand. Nonetheless, Trump announces executive roles for Representatives Matt Gaetz, Elise Stefanik, and Mike Waltz, which would mean a few empty seats.

Fairshake political action committee, and their PACs Protect Progress and Defend American Jobs, provided financial support to nearly 60 House and Senate candidates in the 2024 election, with most of them coming out as winners.

In Colorado, the Republicans defeated Democrat Yadira Caraveio, and in California, a Democrat defeated Republican Mike Garcia. However, Fairshake candidates were still lagging in at least two other races. The PACs have won over 50 campaigns, with the Ohio Senate race being the most notable. Here, the Republican Bernie Moreno beat Sen. Sherrod Brown. Fairshake backed Moreno up with $40 million.

Several crypto-based bills were also headed by retiring Rep. Patrick McHenry (R-N.C.) including the Financial Innovation and Technology for the 21st Century Act (FIT21). However, this bill didn’t get a chance to be voted on in the Senate.

California Democrat Maxine Waters is the current ranking member of the Financial Services Committee. Republicans now need to decide who will lead their side on the committee. Waters and Patrick McHenry have been working on a stablecoin bill for a few years. It’s unclear if the bill will be reintroduced this year or next when the new Congress begins.