Democrats have won control of the US Senate, according to the Associated Press. The party’s majority was secured after Democrat Josh Turek won Iowa’s Senate race, bringing Democrats and independents who caucus with them to 51 seats.
The shift could change the prospects for the stalled CLARITY Act and determine which lawmakers lead committees overseeing the crypto industry. Democratic control may also bring closer congressional scrutiny of Trump-linked crypto businesses and regulatory decisions, while affecting the confirmation of future presidential nominees to regulatory positions.
Jerome de Tychey, president of Ethereum France and co-founder of EthCC, told Cointelegraph it was too early to know the precise impact on crypto policy, but said legislation would need support across party lines. The CLARITY Act failed a Senate procedural vote 49 to 50 in September. De Tychey said that if it is not passed by January, the next Congress would have to restart the process.
De Tychey said demands for conflict-of-interest rules and customer protections could strengthen the industry’s regulatory framework. He cautioned, however, that making crypto policy a partisan issue could set the US back several years.
Fred Hsu, co-founder and CEO of D3 and a core contributor to Doma Protocol, also said durable regulation would require bipartisan backing. He urged the industry to make its case to lawmakers in both parties rather than relying on one party to deliver legislation.
Sources: Cointelegraph.