The results of a number of elections for US Senate and House of Representatives seats are still out, but a number of candidates who won on November 8 expressed strong views on the regulation of digital assets.
Some of the most outspoken supporters of cryptocurrency at the local and federal level, such as Wyoming Senator Cynthia Lummis and Miami Mayor Francis Suarez, have opted out of the November 2022 election, but others have run for seats in Congress with both narrow and wide margins. Challenges defended. Victory. Pro-crypto House incumbents including Minnesota Representative Tom Emmer and North Carolina Representative Patrick McHenry won re-election, as did digital asset skeptic Brad Sherman in California.
In Ohio, Rob Portman will retire from the US Senate in January 2023 after saying he would not seek re-election because “it was difficult to overcome partisan impasse and advance sound policy.” Portman was a supporter of several cryptocurrency-related bills in the Senate, but two contenders for her seat expressed similar views. Democrat Tim Ryan was defeated on November 8 by Republican JD Vance, who won over 53% of the vote. Vance previously disclosed that he owned up to $250,000 in bitcoin (BTC), while Ryan supported legislation aimed at simplifying tax reporting requirements for digital assets.
proud to be included @PatrickMcHenry In introducing this important legislation.
Blockchain, cryptocurrencies and decentralized finance may still be new and evolving, but Congress should recognize that these technologies are some of the most important innovations to come in a generation. https://t.co/Yd14EqJaBU
— Congressman Tim Ryan (@RepTimRyan) November 18, 2021
On the government front, Republican Gov. Chris Sununu, who in February issued an executive order creating a commission to study cryptocurrency, won re-election in New Hampshire with more than 57% of the vote. Democratic Gov. Gavin Newsom, who in May signed an executive order aimed at harmonizing a regulatory framework for blockchain but also vetoed legislation establishing a licensing and regulatory framework for digital assets, California I won re-election with a margin. In Texas, incumbent Gov. Greg Abbott defeated Democratic challenger Beto O’Rourke. Abbott has described himself as a “supporter of the cryptocurrency bill”. Support legislation that recognizes digital assets under Texas business law.
As of this writing, it is still unclear which political party will have majority control of the House and Senate beginning in January. Democrats and independents have captured 50 Senate seats since the 2020 election, winning the seat of Pennsylvania Sen. Pat Toomey – also a cryptocurrency advocate – with John Fetterman’s victory in the midterm elections. However, the Senate race in Georgia – a key state vying for majority control – could go into a runoff between Democrat Raphael Warnock and Republican Herschelle Walker.
“It’s not only important which party wins which house of Congress, but then it comes down to the members of the committee,” Jeff Howard, North American head of business development at digital asset platform OSL, told Cointelegraph ahead of Election Day. “If the Republicans win, obviously [Patrick McHenry] going to be president […] That’s why you’ll see more bills from the House of Representatives than from the Democratic-controlled House of Representatives.”
McHenry is working with House Financial Services President Maxine Waters on legislation aimed at bringing regulatory clarity to stablecoins, and some reports suggest there is still a chance the bill will pass Congress in 2022. Democrats will have majority control of House and committee leadership decisions until at least January 2023.
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