Democrats have regained control of both chambers of Congress after the U.S. midterm elections, according to projected results that NBC News cited late Tuesday. The party is reported to hold 51 Senate seats, up from 45, including a seat formerly held by Republican Thom Tillis. The House is projected to flip 30 seats, with a final count of 244 Democratic and 191 Republican members. Representative Robert Garcia is expected to chair the House Oversight Committee and has said he wants to probe Trump family corruption, including its crypto ventures. Bitcoin fell to $76,700 in the aftermath. Democrats had unanimously blocked the Clarity Act in September, and analysts say clarity could still come through SEC and CFTC rules, though those agencies cannot pass laws.
Why it matters: The result shapes which crypto rules can move forward, since the Clarity Act was blocked and agencies may be the main route to clarity.
Summary by Dextape, based on reporting by CryptoPotato. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.
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