Democrats Sweep US Midterms as Bitcoin Falls Below $77k
Democrats have reclaimed control of both chambers of Congress in the U.S. midterm elections, while Bitcoin's price fell to $76,700 amid concerns about the party's historically hostile stance toward the crypto industry.
Projected election results show Democrats flipping 30 seats in the House of Representatives to secure a strong majority mandate. The Democratic Party has reclaimed both chambers of Congress following U.S. midterm elections, undoing the red wave that crypto leaders battled for during the 2024 presidential election.
Bitcoin's price fell to $76,700 in the aftermath, reflecting poor sentiment over a historically hostile party to the industry's interests.
Senate and House Results
Projected results cited by NBC News late Tuesday showed Democrats winning 51 Senate seats, securing a majority, up from 45 (plus 2 independents caucused with Democrats) in the prior term.
That includes a seat once belonging to Senator Thom Tillis (R-NC) – one of the few Republicans who voted 'no' during the pivotal Clarity Act vote in September – now won by Democrat Roy Cooper, who has previously supported the presence of 'clear, stable regulations' in the space.
Likewise, Democrats are projected to flip 30 Republican seats in the House, securing another majority mandate, with the final tally at 244 blue, and 191 red.
Crypto Regulation Concerns
Existing representative Robert Garcia (D-Calif) is now set to become chair of the House Oversight Committee. One of his stated objectives is to investigate 'Trump family corruption,' in which he includes the family's cryptocurrency ventures like TRUMP coin.
Democrats voted unanimously to block the Clarity Act in September – a laboriously negotiated bill that sought to establish clear standards for how crypto companies operate, and how crypto assets are sorted between the 'securities' and 'commodities' categories.
Related
