Democrats Win Senate, CLARITY Act's January Deadline — SkimNews
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- Democrats won control of the US Senate after flipping Republican-held seats in Texas, Ohio, North Carolina, South Carolina, Kansas and Iowa, according to the Associated Press.
- Josh Turek won the Iowa Senate race, bringing Democrats and independents who caucus with them to 51 seats and securing the majority.
- CLARITY Act failed its Senate procedural vote 49 to 50 in September; if it isn't passed by January, the next Congress starts again from scratch.
- US Senate control determines which lawmakers lead the committees overseeing the crypto industry, reshuffling committee leadership under the new majority.
- Trump-linked crypto businesses and regulators' decisions face more congressional scrutiny under Democratic control, which also bears on confirmation of future presidential nominees to regulatory posts.
- Jerome de Tychey said nothing will pass without cross-partisan support, that conflict-of-interest and customer-protection obligations are things a mature industry should welcome as Europe already has under MiCA, and that partisan entrenchment would set the US back several years.
- Fred Hsu, co-founder and CEO of D3 and a core contributor to Doma Protocol, said the industry can't rely on one party to deliver regulation and should make its case to lawmakers on both sides now.
Why it matters: With Democrats and independents at 51 seats, crypto's main federal framework — the CLARITY Act, which failed a 49-50 procedural vote — needs bipartisan backing before January or the next Congress restarts from scratch. Ethereum France's Jerome de Tychey says partisan entrenchment in crypto policy would set the US back several years.
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