Analysis: The Republican majority in the Senate means that the U.S. Congress will be more "supportive of cryptocurrency."

PANews, November 6 – According to Cointelegraph, the Republican Party has gained a majority control in the U.S. Senate, bringing bright prospects for the regulation of cryptocurrencies in America. Anastasija Plotnikova, CEO and co-founder of Fideum, a company focused on institutional regulation and blockchain infrastructure, stated that over 240 pro-cryptocurrency candidates have been elected to the House of Representatives and the Senate, marking a "historic achievement" for the clear regulation of cryptocurrencies in the U.S.

Intergovernmental blockchain expert Anndy Lian indicated that the Republican-controlled Senate could ultimately clarify the regulatory framework for cryptocurrencies in the U.S. The new Senate may review business-friendly bills that have been delayed, such as the Digital Goods Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading.

James Davies, CEO of Crypto Valley Exchange, remarked that controlling the majority of seats in the Senate is at least as important for the future of cryptocurrency regulation as the presidency, which could significantly change how the U.S. Securities and Exchange Commission (SEC) regulates the cryptocurrency space. Davies hopes that former CFTC chairman Chris Giancarlo will be nominated to replace Gensler at the SEC. The crypto industry views the 2024 presidential election positively, with Coinbase co-founder and CEO Brian Armstrong stating that this is "the most pro-crypto Congress in U.S. history," which will promote clearer cryptocurrency regulation.