US Midterms Could Push Congress Toward Tighter Crypto Oversight, With Clarity Act Unlikely to Advance

Oct. 28 — According to The Block, the US midterm elections will be held next week. Kalshi data shows Democrats have a 64% chance of winning the Senate and a 90% chance of winning the House. If Congress changes hands, the crypto agenda may shift from advancing legislation to tightening regulation, and the Clarity Act is expected to struggle to advance. Democratic Senator Angela Alsobrooks said a Democrat-controlled Congress would not prioritize the bill. If Democrats win the Senate, Warren will become chair of the Senate Banking Committee. Ron Hammond, policy director at Wintermute, expects Warren to use subpoena power and to focus scrutiny on the OCC's (Office of the Comptroller of the Currency) approvals of new bank charters for Ripple, Coinbase and World Liberty Financial.