With the 2022 US midterm elections approaching (November 8), BeInCrypto is examining what it means for Republicans or Democrats to win in the cryptocurrency market.
During this mid-year, all 435 seats in the House of Representatives will be contested. In the Senate, only 35 of the 100 available seats will be put to the polls.
At present, the House of Representatives has a slim majority of 8 seats in favor of the Democrats. Meanwhile, the Senate is effectively divided along partisan lines, and Democrats control only a small scale. Democrats must fight to retain both, as Republicans believe that control of both houses is control.
Republicans or Democrats: Who will win the 2022 US midterm elections?
In the run-up to the current election, pollsters have tried to predict whether Democrats or Republicans will take the lead.
The Democrats seem to have the advantage early on. However, Republicans are looking increasingly powerful as the election intensifies. Key issues of concern to US voters include inflation which remains high at 8.2%.
Democrats tried to gain political capital from reproductive rights in this election. But the issue has not gained much traction with voters as economic pressures intensify.
Part of the Democrats’ problem is that President Joe Biden is not particularly popular. Biden’s current rating is 40%, which is a problem for the broader party seeking to cling to power.
according to opinion poll organizersIt now appears likely that Biden will lose the House. Democrats may do better in the Senate and may retain control of the Senate.
If Democrats lose control of one or both houses, it will make the remainder of Biden’s term even more difficult. It may even slow or delay the pace of legislation.
Impact of Democratic Winning on Cryptocurrencies
As with many things in politics, Democrats’ stance on cryptocurrency is complex. Within the Democratic camp are crypto-positive actors such as Ritchie Torres and Jim Himes. This visual party also contains highly critical crypto senators such as Elizabeth Warren and Sherrod Brown.
Prominent party member and former presidential candidate Elizabeth Warren has been a vocal opponent of cryptocurrency. In May, Warren questioned Fidelity’s decision to allow pensioners to allocate a portion of their pensions to cryptocurrency. At the time, Warren said, “Bitcoin’s volatility is exacerbated by its vulnerability to the whims of a handful of influencers.”
Warren represents a series of cryptic skepticism within the Democratic Party. But on a larger scale, a more accurate and complex view is taking shape.
In March, US President Joe Biden issued an executive order on cryptocurrency, which was generally positive at the time. In September, this framework was brought forward, with an emphasis on consumer protection.
The framework has also raised concerns that it could jeopardize further blockchain innovation in the banking sector.
How would the cryptocurrency market react if the Republicans were victorious
Republicans are generally more pro-cryptocurrency than their Democratic rivals. That doesn’t mean that a Republican victory in the 2022 US midterm elections will lead to more crypto-positive legislation anytime soon. The most likely outcome would be a legislative deadlock for the remainder of Biden’s term.
In recent years, the red state of Texas has become a major hub for crypto and mining activity. Republicans have opposed the SEC’s excesses in the cryptocurrency market.
Patrick McHenry and Bill Huizinga expressed concern. In April, they said the Securities and Exchange Commission (SEC) was trying to expand its reach into cryptocurrencies.
in open letter “We are particularly concerned that the proposed rules could be interpreted to extend the SEC’s jurisdiction beyond its current statutory authority to regulate market participants in the digital asset ecosystem, including decentralized finance (DeFi),” the pair told SEC President Gary Gensler.
There is consensus among the parties
While political parties tend to make political capital out of their differences, some unity has been found on the subject. Earlier this year, a multiparty bill from Senators Cynthia Loomis (R-Wyo) and Kirsten Gillibrand (DN.Y.) attempted to balance consumer protection needs with financial innovation.
Cryptocurrency proponents hope that no matter who wins the 2022 US midterm elections, such reasonable and thoughtful proposals can find a path to success.
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