The Republican Party has secured a majority in the US House of Representatives, ending the 2024 election in which Donald Trump returned to the presidency and Republicans took control of the Senate.
A GOP victory boosts optimism, as crypto participants anticipate a friendlier regulatory environment under the new administration.
Republican Juan Cissimani's majority was strengthened after he won in Arizona, giving the GOP the 218 seats needed for a victory and strengthening the party's ability to push its pro-crypto legislative agenda.
Market indicators reflected that upbeat sentiment, with Bitcoin hitting a record high of $93,477 on Wednesday as investors responded to a pivot on upcoming regulatory transparency.
Trump has hinted at plans to replace SEC Chairman Gary Gensler, expecting a change in leadership to soften the agency's enforcement-heavy approach.
He also proposed the development of a national bitcoin reserve, positioning the US as the “crypto capital of the planet.”
Leadership on key committees such as the House Financial Services Committee will influence the direction of crypto policy. Trump has decided to introduce comprehensive policies to reduce legal ambiguity and facilitate growth.
The Republican Party's path forward has been bolstered by hundreds of millions in massive donations from both crypto insiders and outsiders.
Super PACs like Fairshack have played an active role in the 2024 election cycle, directing more than $300 million in donations to candidates who favor more moderate regulatory positions.
Among the most notable victories for the crypto sector was the Ohio Senate race, where the Republican Bernie MorenoBacked by Fairshack, he won the seat in support of the GOP-led legislative effort.
Daily Debrief Newspaper
Start each day with top news stories, plus original features, podcasts, videos and more.
