The Republicans take control of the House of Representatives
The Associated Press predicted that Republicans would take the House of Representatives in the United States in the upcoming election.
Republicans are likely to win control of the House of Representatives next year, which may disrupt the crypto business as regulators and politicians seek new restrictions for digital assets.
The power change will affect talks on new regulations for digital assets, giving Republicans greater leverage in Congress to influence stablecoin policy and monitoring of crypto spot markets and to put more oversight pressure on regulators. Due to divided Congress, Senate rules, and Democratic control of the White House and Senate, any laws will need bipartisan backing.
Given the relatively recent discussion surrounding the matter, which has yet to become completely political, crypto legislation stands a higher chance of becoming law than most other policies. The recent crash of FTX might complicate that, with repercussions throughout the digital asset business.
Republicans will have at least 218 House members, the amount required for a majority, with seven elections still undecided.
Patrick McHenry, R-N.C., will lead the House Financial Services Committee. The North Carolina Republican, a longstanding pioneer on fintech policy problems from crowdfunding to crypto, has worked on a new legislative framework for stablecoins with Maxine Waters, D-Calif. Wednesday’s session will focus on the FTX collapse and its effect on digital assets.
North Carolina Republican says digital asset legislation would be a key focus. McHenry: “We need clear regulations because our present regulators aren’t protecting consumers.” “They’ve worsened things.” Rep. Tom Emmer, R-Minn., became House Republican whip.