Trump fully in power! Republicans control both the House and the Senate. Will Crypto Assets welcome a major policy boost?

The Republican Party, to which Donald Trump, the elected President of the United States, belongs, has successfully won both the Senate and the House of Representatives, entering a 'complete governing era' and paving the way for 'promoting cryptocurrency legislation' and reshaping the development direction of digital assets.

According to the Associated Press, the Republican Party currently holds at least 218 seats in the 435-seat House of Representatives, maintaining the majority.

This means that the Republican Party will dominate the influential 'House Financial Services Committee', which has the power to oversee federal agencies such as the SEC and the Fed. The current chairman, Republican Congressman Patrick McHenry from North Carolina, will retire in January next year, so this important position will soon see a new face.

Patrick McHenry's efforts in promoting the regulatory legislation on the market structure of stablecoin and coin encryption are indispensable. One of the bills will empower the Commodity Futures Trading Commission (CFTC) with jurisdiction over 'digital commodities,' and explicitly stipulate that the SEC will be responsible for supervising digital assets classified as 'investment contracts'.

The new chairman is expected to be determined this month or in December. The current popular candidates are all friendly towards cryptocurrency, including French Hill from Arkansas, Andy Barr from Kentucky, Bill Huizenga from Michigan, and Frank Lucas from Oklahoma. French Hill even leads the Digital Assets Subcommittee within the committee and actively promotes the Stable Coin Act.

According to Ron Hammond, Government Relations Director of the American Blockchain Association, the Republican-led Financial Services Committee is expected to prioritize issues such as stablecoins, encryption currency market structure, and may gradually follow Decentralized Finance and Non-fungible Token (NFT) in the future.

It is worth mentioning that Maxine Waters, a Democratic member of the California Democratic Party, is currently the highest-ranking Democrat on the Financial Services Committee, and she has spared no effort in stablecoin legislation, hoping to complete the legislation by the end of 2024. She called for a 'Stable Coin grand compromise' at a congressional hearing in September this year, hoping for bipartisan cooperation.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are applicable to their specific situations. Investing based on this is at your own risk.

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"Trump's comprehensive administration! The Republican Party controls both houses of Congress. Will Crypto Assets welcome a major policy boost?" This article was first published in 'encryption city'