Source: Cointelegraph Original: "{title}"
In the 2024 election cycle, American citizens will head to the polls for the last time to decide which legislators will speak for them in the House of Representatives, the Senate, and the presidency.
As control of both chambers of Congress and the White House is essentially contested between the Democratic and Republican parties, the impact of the election results on cryptocurrency and blockchain policy may become evident in the coming years.
Although the Republican Party holds a narrow majority in the House of Representatives starting in 2023, this Congress is also one of the least productive in American history; however, legislators passed the "Financial Innovation and Technology for the 21st Century Act" (FIT21), the "CBDC Anti-Surveillance State Act," and the "2023 Financial Technology Protection Act."
Some legislators believe that these bills may pass in the Senate during the period from the U.S. elections until the next Congress begins in January 2025, but some of these bills are likely to face another Congress composed of new legislators, possibly under new leadership.
Source: Michael Saylor
These bills are just a part of the many cryptocurrency-related issues in the election: the leadership of the U.S. Securities and Exchange Commission, currently chaired by Gary Gensler; whether legislators should be allowed to invest in digital assets while in office; and how to enforce laws against cryptocurrency-related crimes at the federal level. While the outcome of the presidential election garners significant attention, it is just one factor in cryptocurrency legislation.
The Democratic Party currently controls the Senate with a 51-49 majority, but 34 seats will be contested on November 5. Whichever party controls the Senate will control the leadership of committees and the legislative agenda, such as whether hearings focus on the illegal use of digital assets or the benefits of technology.
For cryptocurrency advocates, the most significant campaign may be the Ohio Senate race between Democrat Sherrod Brown and Republican Bernie Moreno. Senator Brown is the chair of the Senate Banking Committee and one of the strongest skeptics of cryptocurrency in Congress. Polls in early November show that this campaign is essentially a dead heat.
In Texas, where many Bitcoin (BTC) mining companies are located, Democratic Congressman Colin Allred is attempting to unseat incumbent Senator Ted Cruz. Many industry advocates, including the Texas Blockchain Council, support Cruz's "unreserved" stance in favor of cryptocurrency.
Allred also voted in favor of FIT21 and called on his Democratic colleagues to take a "forward-looking approach" to digital assets and blockchain technology. Most polls show Cruz leading Allred by several percentage points.
Other closely contested races may tilt the Senate toward the Republicans—such as the race between Jon Tester in Montana and Tim Sheehy—but several possible outcomes could benefit the industry. Most polls indicate that Massachusetts Senator Elizabeth Warren is likely to retain her seat against Republican challenger and XRP lawyer John Deaton.
Moreno may defeat Senator Brown, but the Democrats could gain a seat in Texas, in which case the party would need to choose a new committee chair. The Republicans could gain a seat in the Senate and the presidency, with future Vice President JD Vance playing a decisive role in the Senate.
"Ron Hammond, Director of Government Relations at the Blockchain Association, told Cointelegraph in September: 'The prospect of a Republican majority in the Senate could stimulate other legislative developments for the industry, especially after Senator Tim Scott announced that a cryptocurrency subcommittee would be formed if the Republicans win.'"
If Kamala Harris wins the presidential election and the Democrats lose a seat, they will maintain control of the Senate, with incoming Vice President Tim Walz casting the deciding vote. Democratic Senator and Majority Leader Chuck Schumer stated in August that one of his goals is to pass bipartisan cryptocurrency legislation before 2025, indicating that Harris may take a similar stance if elected president.
In the 2024 congressional campaign, millions of dollars from cryptocurrency interest groups are being poured into ads supporting lawmakers who back cryptocurrency policies and opposing those who do not. While political action committees (PACs) have spent millions in Senate races, the importance of House races should not be overlooked.
Related Information: 2024 U.S. Election Live: Cryptocurrency on the Ballot
When voting concludes on November 5, millions of Americans will decide who will represent them in the 435 congressional districts nationwide. Like the Senate, the House has the authority to advance legislation affecting the cryptocurrency industry and oversee regulatory agencies like the SEC.
In a Republican majority, Congressman Patrick McHenry serves as chair of the House Financial Services Committee, with Democratic Congresswoman Maxine Waters as the ranking member. The two parties are negotiating the terms of a stablecoin bill, but it remains unclear how the new Congress will advance legislation.
Congressman McHenry announced in 2023 that he would not seek re-election, paving the way for Congressman French Hill, who also chairs the Digital Assets Subcommittee, to take over the committee chair position. However, if the Democrats win enough seats to regain control of the House, this position is likely to revert to Congresswoman Waters.
Regardless of the outcome in 2024, PACs like Fairshake seem prepared to support more pro-cryptocurrency lawmakers in the next election. The committee announced on November 4 that it has raised $48 million from Coinbase and Andreessen Horowitz for the 2026 midterm elections.
Donald Trump has made several promises to cryptocurrency users in 2024, including firing Gensler, opposing the creation of a central bank digital currency, commuting the sentence of Silk Road founder Ross Ulbricht, and making all Bitcoin (BTC) "Made in America."
Vice President Harris, who joined the presidential race in July, has not made digital assets a central focus of her campaign like Trump, but she has stated that she would support the industry if elected.
"[…] If Trump supports cryptocurrency, you have to be very careful with the Democrats," said Anthony Scaramucci, former White House Communications Director, in an interview with Saxo Group. "There may be a lot of Democrats who oppose it because Trump supports cryptocurrency, so I hope to see things calm down. I think we need to depoliticize regulatory decisions and make them more about right and wrong rather than left and right."
The first round of voting in the U.S. will end at 6 PM ET. Many experts speculate that the results of the Senate elections are likely to be revealed before November 6, the presidential election results will be announced over the weekend, and the House election results will be disclosed within a few days.
Magazine: Cryptocurrency voters have begun to disrupt the 2024 election—and this trend will continue.
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