According to Cointelegraph, Republicans took control of the U.S. Senate after winning key Senate seats in Ohio and West Virginia, bringing positive prospects for cryptocurrency regulation.
Fideum CEO Anastasija Plotnikova said that the election of more than 240 pro-cryptocurrency candidates to the House of Representatives and Senate paved the way for innovation and competition in the U.S. cryptocurrency industry.
Blockchain expert Anndy Lian believes that a Republican Senate could bring lighter regulation, reduce anti-crypto measures, and promote innovation-supportive discussions.
The Senate may review the (Digital Commodity Consumer Protection Act), which would give the CFTC exclusive jurisdiction over digital asset transactions.
The (Bitcoin Act) promoted by Senator Cynthia Lummis proposes to establish a U.S. strategic Bitcoin reserve to combat inflation and national debt issues.
Crypto Valley Exchange CEO James Davies said that control of the Senate is crucial to the future of cryptocurrency regulation and may change the SEC's supervision of the crypto industry.
