The US midterm elections are underway, and their outcome may have a bigger impact on the future of cryptocurrency regulation than most people realize.
So far, polls show a clear Republican lead in the House of Representatives, while control of the Senate is a bit more uncertain. If Republicans manage to win a majority in the House and Senate, the United States could face a further political stalemate in the coming years, as the White House remains in Democratic control for at least two years.
For the crypto industry, the election is important given the many regulatory issues on the government’s agenda. According to a recent one ITEM by Bloomberg, the crypto industry widely expected that 2022 would be the year of regulatory clarity, or that lawmakers would, at the very least, come up with a plan to regulate the sector.
However, with only two months left before the end of the year, the chances of any crypto bill passing through Congress appear slim, the article points out. However, all is not so bleak for the sector, and the general feeling is that Republicans are expressing more favorable views than their Democratic colleagues.
For example, one of the most vocal critics of crypto in the House of Representatives is Democratic Rep. Brad Shermanwho became known in the community in 2019 when he proposed a ban purchases of crypto-assets in the United States. The congressman had made particularly sarcastic remarks during one audience last December, when he suggested that “Bitcoin could be replaced by Ethereum” and various obscure altcoins such as “hamster coin” and “mongoose coin”.
A Republican-controlled Congress would be more aggressive in passing the bills the crypto industry is pushing for. Additionally, Bloomberg also noted that Republicans are likely to pressure regulators like Securities Commission (SEC) to mitigate them aggressive attitude about the crypto industry.
Commenting for Bloomberg on the regulatory outlook for crypto if the US ends up with a divided government after the election, Mike Conawaya former chairman of the House Agriculture Committee who now lobbies on behalf of the crypto industry said he remains optimistic.
“Until now, most issues related to cryptography have remained relatively bipartisan,” Conway said, adding that passage of crypto legislation would be an “easy win” for the White House and Congress. At the same time, it would make it clear to everyone that Democrats and Republicans can still work together, he added.
At the time of going to press, the latest polls still showed a Republican victory in the House of Representatives, while the Senate remained tied, according to Politics. The media too stated that Republicans looked particularly confident on Election Day and that their party was “on track to secure a majority in both houses of Congress.”
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