In a recent news update, it has been reported that the Republican Party has secured control of the Senate. As per data from Stand With Crypto, out of 247 candidates supporting cryptocurrency, 225 won House seats, while only 113 members opposing cryptocurrency won. This has led to optimism among crypto industry insiders about potential supportive regulation from Congress in the future.
The House, being larger and more diverse, usually sponsors legislation, while the smaller and more conservative Senate typically considers these proposals. With both the House and Senate leaning in favor of cryptocurrencies, the path to favorable legislation may be smoother. Coinbase CEO Brian Armstrong has described the election results as a turning point for cryptocurrencies, referring to the new Congress as the most pro-crypto in America’s history.
