Republicans could notch a trifecta in the 2024 United States elections after Donald Trump won enough Electoral College votes to secure the presidency, and the party flipped three seats to gain a majority in the Senate, but control of the House of Representatives was still up for grabs.
As of Nov. 6, the Associated Press had called 181 seats for Democrats and 199 for Republicans in the House, with the results of 55 races yet to be announced. Whichever party controls the House of Representatives will significantly impact the chamber’s legislative agenda for oversight and passing bills.
Under a Republican majority, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), the CBDC Anti-Surveillance State Act and the Financial Technology Protection Act. The bills could move to the Democratic-controlled Senate before a new Congress is sworn in on Jan. 3 or the new Republican-controlled chamber in 2025.
From 2023, Republican lawmakers chaired crucial committees for crypto and blockchain legislation, including the House Financial Services Committee. Representative Patrick McHenry, who did not run for reelection, will likely relinquish his chairmanship of the committee to French Hill in January if Republicans keep the House.
Should Democrats flip enough seats, however, now ranking member Maxine Waters could become chair of the committee. The committee leadership had been negotiating the terms of a bill to regulate stablecoins, which has yet to be considered for a floor vote.
Crypto-backed candidates notching House wins so far
Political action committees (PACs) like Fairshake and its affiliates Defend American Jobs and Protect Progress poured millions of dollars into media buys to support crypto-friendly House candidates. At the time of publication, the Stand With Crypto political initiative reported that 253 candidates supporting crypto policies had been elected to the House.
Breaking down House of Representatives wins by “pro-crypto” and “anti-crypto” candidates. Source: Stand With Crypto
Protect Progress spent roughly $1.3 million in media buys supporting Yassamin Ansari in the Democratic primary for Arizona’s 3rd Congressional District. After a recount in which Ansari won by just 39 votes, the Democratic candidate secured her position as the party nominee and, on Nov. 5, defeated Republican Jeff Zink with more than 70% of the vote.
In Michigan, a state that could swung to Trump in the general election, Democrat Shri Thanedar defeated Republican Martell Bivings with roughly 68% of the vote for the state’s 13th Congressional District. Protect Progress spent more than $1 million on media buys to support Thanedar in the Democratic primary.
Defend American Jobs spent more than $250,000 on media buys to support Bob Onder in the Republican primary for Missouri’s 3rd Congressional District and $900,000 for Republican Zach Nunn in Iowa’s 3rd Congressional District. Both candidates won their races against Democratic challengers.
Races backed by crypto Super PACs that were still too close to call at the time of publication included Alaska’s 1st Congressional District with incumbent Democrat Mary Peltola, for whom Fairshake spent more than $1.9 million on media buys in the general election. The PACs also spent millions supporting Democrat Yadira Caraveo in Colorado’s 8th district, Republican Michelle Steel in California’s 45th district, and Democrat Don Davis in North Carolina’s 1st district.
Analysts predict it could be several days before all the House races are called and they determine whether Republicans keep their majority. Before the 2024 election, the party had 220 seats to the Democrats’ 212.
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