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The Lower House has pushed through most of the cryptocurrency legislation.
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Trump will govern with the support of the Senate, the Lower House and the Supreme Court.
With the Republicans having control of both chambers of Congress, President-elect Donald Trump obtains favorable legislative power to carry out his plans from the White House.
According to the information disseminated by local media, the Republicans win the majority in the House of Representatives and will have at least the 218 votes needed to control the 435 seats.
Vote counts have not yet been completed, but projections suggest that the number of Republican legislators will be between 220 and 222. In this way, having already secured a majority in the Senate (where the Republicans obtained 53 of the 100 senators), Trump’s party ensures control of the United States Congress for at least two years.
These results open the doors for the bills proposed by the party representatives, many of them related to the bitcoin sector (BTC) and cryptocurrencies, advance the debate and approval processes. It also helps ensure that the proposals made by Donald Trump do not stumble with political oppositions.
It is therefore expected that in this period there will be definitive progress in the approval of various legislation focused on cryptocurrencies, at least in these first two years before the midterm elections. This is in favor of Trump’s commitment to reverse Joe Biden’s regulatory onslaught.
There are several pending laws.
Pending proposals include the bill introduced by Republican Senator Cynthia Lummis for the creation of a strategic reserve in BTC.
Added to the legislation is resolution SAB 121, which would allow banks bitcoin custodian and include cryptocurrency services. The law passed the Senate, but was later vetoed by President Joe Biden. The FIT21 bill approved last May in the House of Representatives is added, but which did not receive a vote in the Senate.
FIT21 It was the law that advanced the most in Congress during Biden’s mandate. It includes the definition of a series of concepts that, until now, have not been clear in the US industry and that have been the subject of most lawsuits by the Securities and Exchange Commission (SEC). Among them, the elements that help identify a cryptoasset as a security or commodity stand out.
On the committee front, California Democrat Maxine Waters, who has been working on a stablecoin bill with outgoing lawmaker Patrick McHenry, remains the ranking member of the Financial Services Committee. In that sense, it is not clear whether this bill will be presented again during the outgoing session later this yearor whether it will be presented next year when the new Congress takes power.
In this case, Republicans have to choose who will lead their parliamentary group for this committee. Reps. Andy Barr (R-Ky.), Frank Lucas (R-Okla.), French Hill (R-Ark.) and Bill Huizenga (R-Mich.) are among the lawmakers who compete for that position.
Given this panorama, it is evident that Trump has all the tools at hand to fulfill the promises it made to the cryptocurrency sector. Apparently he is willing to comply, since current information indicates that the president is preparing to fill his cabinet with pro-bitcoin officials. As NoticiasVE reported, it is likely to place key figures in the sector in the SEC, the CFTC and the Treasury Office.
Trump’s “superpowers” include the Supreme Court. During his first term he appointed three judges. In his second government he will have the opportunity to appoint two more, which would mean that the Supreme Court would have a majority appointed by Trump that could last for decades.