The Republican Party has won 218 seats in the recent US mid-term elections, which gives it a simple majority in Congress. This is a good news for crypto industry as it brightens the prospects of the much-awaited crypto legislation.
Republican Party has many pro-Crypto lawmakers who can hasten the pace of the law that can define its future, especially in the context of Crypto winter and FTX bankruptcy.
Republicans have won the House with a slim majority with Senate still dominated by Democrats. Republicans will get a critical say in the agendas on the House Financial Services Committee and the House Agriculture Committees, crucial for the future of crypto bills, media reports said.
Meanwhile, Brad Sherman, US Congressman, and a known crypto critic alleged that “billionaire crypto bros” had been hampering the pace of cryptocurrency regulation laws in the US.
Commenting on the collapse of crypto exchange FTX and its aftermath, Sherman said the implosion showed a dire need for regulators’ intervention and assertive action. The collapse exposed the inherent risks of digital assets and the industry’s weaknesses.
The lawmaker also blasted donations and lobbying by influential crypto barons as the factor delaying a proper law.
“To date, efforts by billionaire crypto bros to deter meaningful legislation by flooding Washington with millions of dollars in campaign contributions and lobbying have been effective.”
Sherman’s apparent reference was to former FTX CEO Sam Bankman-Fried and his donations to the Democratic Party and Ryan Salame, FTX Co-CEO who made donations to Republicans.
Bankman-Fried reportedly donated $39.8 million to both the Democratic and Republican parties during the recent US midterm polls and became the sixth largest contributor in terms of the amount donated.
