by The crypto sector remains unfazed as American voters vote on Tuesday, 8th November 2022, to decide who would potentially control Congress. At the same time, the elections will bring to light the feasibility of Joe Biden’s goals and agendas in the future.
While the votes are cast, the crypto industry remains optimistic that there will be no unexpected impediments in the future following the newly severed government. The crypto sector has since positioned itself in a strategic and convenient center where the government would only serve as a springboard for its continual advancement.
New government May Yield Further Advancement for the Crypto Industry
The U.S. has constantly avoided the developments and advancements of digital assets; however, the constitution which would turn this oversight around is bipartisan. In addition, the crypto industry has invested in its future developments by funding and supporting many high-ranking Republicans.
The Executive Director of the Blockchain Association in Washington D.C, Kristin Smith, explained that divided control in the federal government might benefit future crypto regulations and protocols, as currently, Congress holds a significant number of bipartisan corroborations which may incite the growth of the crypto sector further.
Although numerous Republicans are more inclined to facilitate the introduction and growth of the crypto industry in the U.S without many constraints, taking control of Congress does not automatically mean all cryptocurrency assets will become more profitable or skyrocket.
The current chairs of all regulatory organizations in the U.S are democrats; at the same time, President Joe Biden is a democrat himself. Hence, all new policies and laws must be signed and authorized before being enacted.
The Managing Director at Capital Alpha Partners, Ian Katz, explained that all proposals and documents that move through Congress must have the president’s signature before they can be implemented or developed. He said that even if Republicans hold the Congress and are amiable to the advancement of cryptocurrency, it does not automatically mean cryptocurrency assets will be entirely accepted and implemented in the U.S.
Majority over Minority
Suppose the current midterm elections result in an influx of republicans, and these republicans are elected into leadership positions in the constitution; this could automatically change the outcome for control of every plan. When deliberating a proposal or a project, the majority party usually controls the flow of all procedures.
In addition, when a party leads the administration, and another controls Congress, direct opposition by the committee effectively incapacitates the executive branch.
Executive Vice President at Patomak Global Partners, Keith Noreika, commented that it is not unusual for congressional committee heads in a divided government to exercise their influence and power over regulatory authorities to push their agendas.
