As a seasoned researcher with extensive experience following political trends and their impact on various sectors, I find myself captivated by the unfolding narrative of the 2024 U.S. elections. The potential trifecta for the Republicans is indeed intriguing, but the race for the House of Representatives remains a nail-biter.
In the 2024 U.S. elections, if Donald Trump manages to gather sufficient Electoral College votes, he’ll claim the presidency, and by winning three additional Senate seats, the Republicans will take control of the Senate. However, it remains undecided who will hold the reins in the House of Representatives.
By November 6th, according to the Associated Press, Democrats had secured 181 seats, while Republicans held 199, with the outcome of 55 races still undecided in the House of Representatives. The party that gains control over this chamber will substantially influence its legislative agenda, focusing on oversight and bill passage.
In a House dominated by Republicans, they approved three key bills: the Financial Innovation and Technology for the 21st Century Act (FIT21), the CBDC Anti-Surveillance State Act, and the Financial Technology Protection Act. These bills may be presented to the Senate, which is currently Democratic-controlled, before the new Congress begins on January 3, or they could be taken up by the potential Republican-controlled chamber in 2025.
Beginning in 2023, it will be Republican legislators who hold key positions related to crypto and blockchain regulations, with the House Financial Services Committee being one such position. If the Republicans manage to maintain control over the House, Representative Patrick McHenry is expected to pass his chairmanship of this committee onto French Hill in January.
If Democrats manage to win enough seats, current ranking member Maxine Waters might assume the role of committee chair. At present, this committee is in discussions about drafting legislation to control stablecoins, but this bill has not been brought up for a vote on the floor yet.
Crypto-backed candidates notching House wins so far
Groups such as Fairshake, Defend American Jobs, and Protect Progress – all Political Action Committees – invested large sums on advertising campaigns to back pro-cryptocurrency members of the House of Representatives. At the point when this article was published, it was announced that 253 candidates advocating for crypto policies had been elected to the House.
In summary, Protect Progress invested approximately $1.3 million in advertising to back Yassamin Ansari during the Democratic primary for Arizona’s 3rd Congressional District. After a recount that saw Ansari winning by only 39 votes, she officially became the Democratic nominee. On November 5th, she went on to beat Republican Jeff Zink with over 70% of the vote in the final election.
In Michigan’s 13th Congressional District, Democrat Shri Thanedar triumphed over Republican Martell Bivings, earning approximately 68% of the vote. This district was a potential swing area in the general election for Trump. It’s worth noting that the political action committee Protect Progress invested over $1 million on media advertisements to back Thanedar during the primary elections.
Defend American Jobs spent more than $250,000 on media buys to support Bob Onder in the Republican primary for Missouri’s 3rd Congressional District and $900,000 for Republican Zach Nunn in Iowa’s 3rd Congressional District. Both candidates won their races against Democratic challengers.
At the time of release, several closely contested elections were yet to be decided, featuring candidates backed by Political Action Committees (PACs) funded by cryptocurrency. These included the 1st Congressional District of Alaska where incumbent Democrat Mary Peltola received over $1.9 million in media support from Fairshake. Similarly, PACs spent substantial amounts to aid Democrats Yadira Caraveo in Colorado’s 8th district, Don Davis in North Carolina’s 1st district, and Republican Michelle Steel in California’s 45th district.
As an analyst, I’m anticipating that it might take a few days for us to definitively call all the House races and ascertain if the Republican Party manages to maintain their majority. Prior to the 2024 election, they held 220 seats compared to the Democrats who had 212.
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2024-11-06 20:01