Democrats have won control of both chambers of the US Congress in the midterm elections, strengthening their influence over legislation and oversight of President Donald Trump’s administration. Their control of House committees is set to begin in January 2027, when Democratic leaders will have greater power to decide which bills advance and to investigate government activity.
The result could alter the outlook for cryptocurrency legislation and bring increased congressional scrutiny of digital asset businesses linked to Trump. Democratic committee leaders will also be able to issue subpoenas and investigate the administration, the president’s family and their business interests, NBC News reported.
Democrats won House seats in districts Trump carried by as much as 18 percentage points in 2024. They also flipped at least seven Senate seats, in Kansas, Iowa, Texas, Ohio, Maine, North Carolina and South Carolina, according to the Associated Press.
Before the results were announced, traders on Kalshi and Polymarket had placed the odds of a Democratic sweep at roughly 75%. The Kobeissi Letter identified affordability, high energy costs and renewed interest rate increases as central election issues. David Gokhshtein, founder of Gokhshtein Media, criticized Republican candidates on X, saying they had performed worse than he expected.
Sources: Cointelegraph.