As crypto voters head to the polls in U.S elections 2024, all eyes are on the presidential race between Kamala Harris and Donald Trump. Beneath the surface, the future of crypto regulations and broader economic policies hinges on which party controls Congress.
The balance of power in the House of Representatives and the Senate will play a key role in shaping these decisions.
The Role of Congress in Crypto Regulation
The U.S. Congress will play a pivotal role in determining the regulatory landscape for cryptocurrencies. Over the coming weeks and months, the election results will influence the direction of crypto policies.
The next U.S. president will set the tone for handling financial regulations. But Congress, through its power to draft and pass legislation, holds the real reins.
If one party gains control of the White House, House, and Senate, it could delay crypto legislation, according to Republican Representative Tom Emmer. Lawmakers in power prefer to wait and draft laws without compromising.
The Financial Innovation and Technology for the 21st Century Act (FIT21) is one such bill that could advance under Republican leadership, particularly if Donald Trump wins.
On the other hand, a divided Congress could force more bipartisan compromise. Crypto regulations might be folded into broader legislation like defense or budget bills, opening a path for progress before the year ends.
U.S Elections, Presidential Candidates and Crypto Policy
While Congress has the lead role in legislation, the next U.S. president will also significantly impact crypto regulation.
The president’s power to appoint regulators, lobby for legislation, and take executive actions means that whether Kamala Harris or Donald Trump is in office, the future of crypto will be heavily influenced.
Though not primarily focused on crypto, Trump has made occasional pro-crypto statements during his campaign. Meanwhile, Harris has focused on broader economic policies, leaving the specifics of crypto regulation largely unspoken. However, she recently pledged U.S. leadership in emerging technologies like blockchain and AI.
Political Gridlock or Progress?
Many Senate and House races are tight, and the outcome of these elections will directly influence how quickly Congress acts on crypto.
The crypto community is closely watching key Senate races, such as those in Ohio and Michigan. Industry-backed groups have funneled millions of dollars into supporting candidates who favor lighter regulations.
The question remains whether the 2024 election will pave the way for new crypto laws or whether political gridlock will delay meaningful progress. The answer depends only on the results of this historic election.
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