US Crypto Industry Spent $233 Million on Midterms, but Democrats Won Congress
JH Kim
Summary
- The US cryptocurrency industry reportedly spent $233 million on the midterm elections, but Democrats won both the Senate and the House.
- The report said that outcome could also alter the legislative path of the CLARITY Act, a crypto market structure bill.
- The analysis said the CLARITY Act still has a chance of advancing, but additional compromise may be needed and regulatory provisions the industry does not favor could be included.
The US cryptocurrency industry spent $233 million on the midterm elections, but Democrats won congressional races, according to an analysis. The outcome could reshape the legislative path for the CLARITY Act, a crypto market structure bill.
Cointelegraph reported on November 6 that the crypto industry poured a total of $233 million into the midterm elections, yet Democrats prevailed in both the Senate and the House.
The analysis said the CLARITY Act's chances of passage have not disappeared entirely. Still, additional compromise may be needed to move the bill forward.
It added that future negotiations could lead to the inclusion of regulatory provisions the crypto industry does not favor.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.