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Democrats win both houses of the US Congress in the midterms; the committees that write crypto law change hands in January
What happened. Democrats won both the House and the Senate in the 3 November midterms, Cointelegraph reported, citing the Associated Press. It reported that House Financial Services chair French Hill, a CLARITY Act sponsor, kept his seat but is set to lose the chair.
Why it matters. Chairs decide which crypto bills move. CertiK's Muehlbauer said "CLARITY bill is likely dead", Cointelegraph reported; Coinbase's Kara Calvert said "crypto is 100% bipartisan", The Block reported.
- Crypto PAC Fairshake spent $154.5 million on the primaries and the general election, The Block reported.
- Democrats fell short of the 60 Senate votes needed to overcome a filibuster, Muehlbauer said, Cointelegraph reported.
- Democrats take control of House committees in January 2027, Cointelegraph reported.
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What happened. Democrats won control of both the House and the Senate in the 3 November midterm elections, the Associated Press reported, according to Unchained and Cointelegraph. They flipped at least seven Senate seats, including Ohio, where Democrat Sherrod Brown beat Republican Senator Jon Husted, Cointelegraph and The Block reported. Democrats take control of House committees in January 2027, Cointelegraph reported. House Financial Services chair French Hill, a sponsor of the CLARITY Act, won re-election but is set to lose the chair, Cointelegraph reported.
Why it matters. Committee chairs decide which crypto bills move. CertiK's Stefan Muehlbauer said "CLARITY bill is likely dead" and expected Senator Elizabeth Warren and Representative Maxine Waters to chair the Senate Banking and House Financial Services committees, Cointelegraph reported; TD Cowen said the CLARITY Act is unlikely to advance in the next two years, while Coinbase's Kara Calvert said "crypto is 100% bipartisan", The Block reported.
- Crypto PAC Fairshake put $30 million into the Ohio race against Brown, The Block reported.
- Fairshake spent $154.5 million across the primaries and the general election, The Block reported; a Fairshake spokesperson said "'28 is a new map".
- Stand With Crypto said 19 senators and 226 House members it counts as pro-crypto were elected, and 8 senators and 106 House members it counts as anti-crypto, The Block reported.
- Democrats fell short of the 60 Senate votes needed to overcome a filibuster, Muehlbauer said, Cointelegraph reported.
- Because Brown won a special election for the seat JD Vance left, he could return to the Senate as early as 15 December, The Block reported.
Read the originals (8), usually in their own language
- Democrats Sweep Congress as Sherrod Brown Survives Crypto’s Ohio Spending Push · Unchained
- Democrats win US House to secure control of Congress in midterms · Cointelegraph
- Democratic sweep of Congress forces crypto industry to rethink Washington strategy · The Block
- Former Sen. Sherrod Brown defeats Jon Husted, dealing a blow to crypto PAC Fairshake · The Block
- Crypto ally French Hill wins reelection but set to lose House chair · Cointelegraph
- U.S. Democratic sweep could be the final nail in the ‘Clarity Act’s coffin’ · CoinDesk
- Bitcoin Rebounds After Democratic Midterm Sweep, But Crypto Faces Tougher Fight in Washington · Decrypt
- Democrats to Push Broader Crypto Market Structure Bill After Sweeping US Midterms: Report · Decrypt