Republicans win U.S. House, with crypto industry hoping for support

Republicans have secured control of the U.S. House of Representatives, which could favor the crypto industry when digital asset-related bills arise.

The Associated Press is calling a majority of seats to the Republicans in the U.S. House with 218 members compared to the Democrats who have held onto 208 seats.

This means a Republican could lead the House Financial Services Committee, which oversees the U.S. Securities and Exchange Commission. Rep. Patrick McHenry, R-N.C., is the current chair, and he is expected to retire in January of next year.

Some names have already been thrown into the mix including Reps. French Hill of Arkansas, Andy Barr of Kentucky, Bill Huizenga of Michigan, and Frank Lucas of Oklahoma.

All rumored potential candidates are crypto-friendly which will come as a relief to the industry.

The Director of Government Relations at pro-crypto lobbying body Blockchain Association, Ron Hammond, took to X to say “Crypto and the incoming Trump admin are just getting started in DC…”

1) This week in Congress and crypto: If the past 7 days felt like a whirlwind, brace yourself. Crypto and the incoming Trump admin are just getting started in DC. From new admin picks to crypto bills in lame-duck limbo, here’s what to watch for:

— Ron Hammond (@RonwHammond) November 12, 2024

The Coinbase CEO Brian Armstrong took to X and declared the US Election as being a “huge win for crypto.” He also said “crypto won 48 out of 48 races” in reference to an article that says the candidates who were backed by crypto’s biggest political action committees have all become winners.

With key positions still to be announced, it’s not yet known how quickly the President-elect will dive into the topic of digital currencies but Trump has promised to create a bitcoin and crypto presidential advisory council.

Just days after Donald Trump was elected as the next United States President, for the second time, he has begun to announce future changes.

On November 13, Trump appointed Elon Musk and former Republican presidential rival Vivek Ramaswamy to head up a new ‘Department of Government Efficiency’ (DOGE) which aims to cut back the size of the U.S. Government.

The shortened version of the name is a reference to the Tesla CEO’s favorite cryptocurrency Dogecoin.

Featured Image: AI-generated via Ideogram

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