PiCK

Summary

  • The U.S. Democratic Party won a landslide in the November midterm elections, securing majorities in both the Senate and the House.
  • The midterm result is set to have direct implications for crypto market structure legislation (the Clarity Act) and other crypto-related legislation.
  • Democrats now control the House Agriculture Committee and Financial Services Committee, giving them significant influence over future lawmaking and oversight of crypto-related policy.

Forecast Trend Report by Period

The Democratic Party scored a sweeping victory in the U.S. midterm elections in November. The outcome is set to have direct implications for crypto legislation, including the market structure bill known as the Clarity Act.

Reuters and other media outlets reported on November 4 that Democrats had secured majorities in both chambers of Congress. The party won at least 53 seats in the Senate and at least 219 in the House.

Reuters reported that Democrats had secured majority status in both the Senate and the House. Voters in traditionally conservative areas swung to the party amid dissatisfaction over the war in Iran, anxiety about high living costs and anger at President Donald Trump’s handling of government affairs.

Trump had already indicated he would accept the midterm results. In an interview with The New York Times on November 3, he said he was fully prepared to accept the outcome, would cooperate with Democrats and looked forward to working with them.

The election result is also poised to directly affect crypto-related legislation, including the Clarity Act. The Defiant reported that Democrats now control the House Agriculture Committee and the House Financial Services Committee, the two panels that handled the Clarity Act. That gives the party significant influence over future lawmaking and oversight of crypto-related policy.

JOON HYOUNG LEE