The Republican Party of US President-elect Donald Trump successfully won both houses of Congress and entered the "era of complete governance", paving the way for "promoting cryptocurrency legislation" and reshaping the development direction of digital assets.
According to (Associated Press) reports, Republicans currently win at least 218 of the 435 seats in the House of Representatives, maintaining their majority.
This means that the Republican Party will dominate the influential "House Financial Services Committee" and have the power to supervise federal agencies such as the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve (Fed). The current chairman, Republican Rep. Patrick McHenry of North Carolina, will retire in January, so a new face is coming to this important position.
Patrick McHenry was instrumental in promoting regulatory legislation for stablecoins and cryptocurrency market structures. One of the bills will give the U.S. Commodity Futures Trading Commission (CFTC) jurisdiction over "digital commodities" and clearly stipulate that the SEC will be responsible for regulating Digital assets of "Investment Contracts".
The new chairman is expected to be named this month or December. The current popular candidates are all friendly to cryptocurrencies, including: French Hill of Arkansas, Andy Barr of Kentucky, Bill Huizenga of Michigan, and Oklahoma City. Frank Lucas of Maryland, among whom French Hill even led the digital assets group within the committee and actively promoted the stable currency bill.
According to Ron Hammond, director of government relations of the American Blockchain Association, the Financial Services Committee, led by Republicans, is expected to prioritize issues such as stablecoins and cryptocurrency market structures, and may gradually focus on decentralized finance (DeFi) and Non-fungible tokens (NFT) and other fields.
It is worth mentioning that California Democratic Congressman Maxine Waters is currently the highest-ranking Democrat on the Financial Services Committee. She has also spared no effort on stablecoin legislation and hopes to complete the legislation before the end of 2024. She called for a "stable currency compromise" at a congressional hearing in September this year, hoping that the two parties would work together.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: Block Guest
"Trump is in full power! With the Republican Party taking control of the House and Senate, will cryptocurrencies usher in policy benefits? "This article was first published in "CryptoCity"
