There's an election next month: State of Crypto — SkimNews
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- Polling and prediction markets suggest Democrats will flip the U.S. House while the Senate is a tossup; Kalshi and Polymarket both projected Democrats taking both chambers as of Oct. 2.
- Congress is pivoting to tax legislation after the Clarity Act collapsed last month, with the House Ways and Means Committee passing a bipartisan crypto tax bill and Senator Steve Daines introducing one in the Senate last week.
- Fairshake Super PAC has spent $30 million and the Digital Freedom Fund — funded by Gemini founders Cameron and Tyler Winklevoss — committed $3 million, both targeting former Senator Sherrod Brown, though Fairshake told CoinDesk it has no further expenditures to announce.
- Crypto industry concerns center on a Democratic Congress using subpoenas against firms tied to President Donald Trump's administration over his crypto business ties, per the newsletter.
- A new market structure bill is under consideration after the Clarity Act collapsed, with the SEC, CFTC, OCC, and Treasury continuing rulemaking efforts that Congress must still oversee and budget next year.
Why it matters: The crypto industry has committed $33 million to midterm races and advanced bipartisan tax legislation, making its support central to both parties' strategies. Industry concerns about subpoenas of Trump-tied crypto firms under a Democratic Congress raise the regulatory stakes of November's outcome, while the SEC, CFTC, OCC, and Treasury's rulemaking timelines now depend on who controls congressional oversight committees.
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