CoinWorld reports:
Foreign media states that if the U.S. Digital Asset Market Structure Bill, known as the "Clarity Act," fails to advance in the Senate this year, the next Congress may restart its crypto legislation, and the candidates to lead the agenda may change. The report suggests that the House of Representatives is most likely to be controlled by the Democrats, which will directly affect the prioritization of crypto issues by the House Financial Services Committee and the Agriculture Committee.
Potential Changes in Two Major House Committees
The report mentions that if the Democrats take control of the House, several long-time skeptics of crypto may take over key committees. Among them, Maxine Waters is expected to regain leadership of the House Financial Services Committee, while Chantel Brown may lead the House Agriculture Committee. These two committees have been central to the House's handling of crypto legislation.
Waters has not completely rejected discussions on crypto legislation in the past. She participated in the negotiations for the stablecoin bill in 2022, which ultimately did not pass but was seen as a precursor to future stablecoin legislation. However, on the market structure bill, she has taken a hard stance, previously referring to the "Clarity Act" as the "Calamity Act," arguing that it would weaken federal financial law constraints and increase risks for consumers and investors.
Brown has also opposed digital asset-related bills multiple times in the past. She has stated that existing bills fail to adequately address issues of abuse and conflicts of interest, potentially leaving room for corruption. She also mentioned that she would not oppose supporting crypto legislation if policies could protect consumers and allow innovation to benefit a broader audience.
Increased Resistance If Senate Flips
The report suggests that if the Democrats also take the Senate, the resistance faced by the crypto industry may further increase. The most notable candidate is Elizabeth Warren, who has been one of the most prominent critics of crypto in Congress, consistently pushing for scrutiny of Trump and his related crypto business conflicts of interest.
If Warren becomes the chair of the Senate Banking Committee, she will control the pace of bill advancement. The report points out that the Senate Banking Committee is responsible for matters related to the U.S. Securities and Exchange Commission, thus directly impacting the securities attributes of crypto assets, regulation of trading platforms, and market structure arrangements.
Regarding the Senate Agriculture Committee, if personnel changes among the current senior Democratic members occur, Michael Bennet may become a more prominent candidate. Bennet has also opposed crypto policies multiple times in the past and proposed stricter restrictions on government officials regarding crypto in May of this year, including the President himself.
Trump Factor Will Still Influence Legislative Direction
The report notes that the Trump administration has consistently attempted to incorporate crypto assets into a more defined U.S. financial regulatory framework, with progress made on stablecoin legislation while the market structure bill remains contentious. However, many within the Democratic Party are more focused on the relationship between Trump personally and crypto businesses, and if they control the committee agenda, related investigations are likely to become a priority.
This means that even if the bill text pushed by the Republicans continues to exist in the future, the focus of congressional discussions may shift from "how to pass legislation" to "how to limit conflicts of interest" and "whether to redesign the regulatory framework." In this scenario, the paths of the "FIT21" and "Clarity Act" previously advocated by the crypto industry may not be able to continue in the new Congress as they were.
The report concludes by quoting industry organization perspectives that crypto issues should still be viewed as bipartisan matters, and the industry will continue to engage with members of different parties to promote clearer federal regulatory arrangements. However, based on current election expectations and committee personnel, the next phase of the Washington crypto legislative environment may not be as favorable to industry demands as it is now.
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