The Republican Party has won majority control of the US Senate, offering promising prospects for the regulation of cryptocurrencies in the world’s largest economy.
Republicans took control after picking up key Senate seats in Ohio and West Virginia, according to the Associated Press.
More than 240 pro-crypto candidates were elected to the House of Representatives and the Senate, marking a “historic achievement” for clear crypto regulation in the United States, according to Anastasija Plotnikova, CEO and co-founder of Fideum , an institutions-focused regulatory and blockchain infrastructure company.
Plotnikova told Cointelegraph:
“This paves the way for harmonized crypto regulations that will drive innovation, drive competition, and keep talent coming back.” The US crypto industry has worked for years to achieve this, and I look forward to seeing the deliverables implemented.
A Republican-led Senate, coupled with a crypto-friendly presidential administration, could lead to innovation-friendly regulations. This could help the United States regain ground as a global leader, especially as Europe moves closer to implementing its comprehensive regulatory framework, the Crypto Markets Regulation Bill. assets (MiCA), by the end of 2024.
Lighter regulations and more oversight for the CFTC
A Republican Senate could finally clarify US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.
He told Cointelegraph:
“Republican emphasis on reducing government oversight could lead to lighter regulation, which would be a win for the industry (…) A Republican Senate could mean fewer aggressive anti-crypto measures and more opportunities for open discussions on how to support innovation. »
The new Senate could consider delayed business-friendly bills, such as the Digital Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading, added Lian.
The crypto industry is also hoping to see approval of the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin 
BTCUSD reserve for the United States, making it the first country to use it as a “savings technology”.
The bill cited the United States’ “skyrocketing inflation rates” and national debt reaching “unprecedented highs” as reasons for adopting Bitcoin reserves to strengthen the country’s balance sheet.
Will the Republican Senate Change SEC Oversight of the Crypto Industry?
According to James Davies, CEO of Crypto Valley Exchange, control of the Senate is at least as important to the future of crypto regulation as the president.
This could significantly change the Securities and Exchange Commission’s oversight of the crypto space, Davies told Cointelegraph:
“This change alters SEC oversight, which has proven to have as much, if not more, impact than the SEC chairman (…) We now await Trump’s public announcements on SEC nominations to hold his promises to the American crypto community who supported it. »
Davies said he hoped Chris Giancarlo, former CFTC chairman, would be appointed to Gensler’s seat at the SEC.
The crypto industry views the 2024 presidential elections as a net positive outcome. Coinbase co-founder and CEO Brian Armstrong said it was the “most pro-crypto conference ever in the United States,” which will facilitate more explicit crypto regulation.
What does Trump’s victory mean for crypto in the United States?
For the latest analysis of Trump’s election victory and the crypto market’s reaction, tune in to today’s news. Rise’n’Crypto Cointelegraph Podcast.
