Republicans Win House Majority, Clearing the Way for Crypto Legislation

Bitcoin Donald Trump

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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November 13, 2024

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Republicans will stay in control of the House of Representatives – effectively securing a unified government under President-elect Donald Trump following the 2024 U.S. presidential election, multiple media outlets projected Wednesday, November 13.

House of Representatives Majority Unified Behind Donald Trump

Solidified by reputable news organizations like the Associated Press and NBC News, the Republican Party’s continued lead in the House coincides with the party’s three-seat majority in the Senate, paving way for the G.O.P. to have unfettered control of Congress.

House Speaker Mike Johnson (R-LA) will continue his role under the incoming Trump administration, while Senator John Thune (R-SD) will command the Senate.

“The Republican team is united,” Thune told reporters shortly following his victory. “We are one team, we are excited to reclaim the majority and get to work with our colleagues in the House to enact President Trump’s agenda.”

What Trump’s Presidential Election Win Means For Crypto

Both Johnson and Thune have expressed pro-crypto sentiment over the years, prompting optimism from members of the blockchain sector.

Johnson, who boasts an A rating on Stand With Crypto’s political index, previously voting for the CBDC Anti-Surveillance State Act and the Financial Innovation and Technology for the 21st Act (FIT21).

Thune, meanwhile, is also pro-crypto, having co-sponsored the Digital Commodities Consumer Protection Act (DCCPA) and previously voting to overturn the United States Securities and Exchange Commission’s (SEC) controversial staff accounting bulletin SAB121.

Trump has openly expressed his desire to enact a crypto-friendly regulatory framework while in office amid the launch of his family’s crypto platform, World Liberty Financial.

Most recently, Trump pledged to fire SEC Chair Gary Gensler for the federal agency’s regulation-by-enforcement approach to cryptocurrencies in recent years.

“We will have regulations,” Trump stated at the Bitcoin 2024 Conference, adding, “but from now on, the rules will be written by the people who love your industry, not hate your industry.”

Following his election, Bitcoin soared to new highs, clearing $93,000 on Wednesday, amid announcements from the former reality television star over his earliest Cabinet selections.

Trump shocked the public in recent days for his pick of politically-troubled Congressman Matt Gaetz (R-FL) for attorney general as well as Fox News Pete Hegseth for the role of defense secretary.

His Cabinet selections so far seem to align with his outsider ethos, though may ruffle some feathers among established members of his party.