Congressional midterm elections are underway in the United States. Meanwhile, Bitcoin fell below the $20,000 level. In fact, it couldn’t take its face in terms of decline and fell to $17,000, the lowest level in the last five months. This decrease in price is also related to the problems in the FTX exchange. Here are the details…
The US elections are on the agenda: How are Bitcoin and altcoins affected?
The US midterm elections are underway and the outcome could have a greater impact on the future of crypto regulation than most people believe. The polls so far in the election show a clear path to the Republican Party for the House of Representatives. On the other hand, the situation in the US Senate is a little more obscure. If Republicans can secure a majority in the House and Senate, the United States could face further political stalemate in the coming years, provided the White House remains under Democratic control for at least two more years, experts say.
Cryptocurrencies, on the other hand, are in the middle of the precious regulatory stakes on the government’s agenda. According to a recent Bloomberg report, the crypto industry expects regulatory clarity to finally arrive in 2022. He expects legislators to come up with a plan to regulate crypto – at least. According to the report, with just two months before the end of the year, the odds of any crypto-related bill being passed by Congress seem very slim. Nevertheless, it is valuable that the general idea reflects a positive mood.
Politicians push for cryptocurrency bill
According to Bloomberg, it is believed that a Republican-controlled Congress will push the crypto industry more aggressively to pass the bills it wants. Additionally, Bloomberg also stated that it will put pressure on regulators, such as the SEC, to mitigate the Republicans’ aggressive stance towards the crypto industry. Mike Conaway, the former leader of the House Agriculture Committee, who is currently lobbying the crypto industry name, said he is hopeful if the US results in a split government after the election.
Conway added that passing the crypto law would be an “easy victory” for the White House and Congress. “So far, more than one of cryptocurrencies has remained relatively bilateral,” he said. He said he would make it clear to everyone at one-on-one that Democrats and Republicans can still work together. According to Politico data, the latest poll points to a Republican victory in the elections. In the Senate, a draw is a matter of words.