Following the re-election of President Donald Trump in the USA, crypto advocacy teams have shifted their focus to key gamers in each chambers of Congress, which advocacy teams have characterised as essentially the most pro-crypto Congress in historical past.
Ron Hammond, the senior director of presidency relations on the Blockchain Affiliation, informed Cointelegraph editor Jesse Coghlan that the Senate Banking Committee and the Home Monetary Providers Committee will play pivotal roles in shaping pro-crypto insurance policies.
Congressman French Hill was selected as chairman of the Home Monetary Providers Committee in December 2024 and is very vital of the regulatory strategy beneath the earlier administration.
Following the appointment, Hill stated introducing a crypto market structure bill throughout the first 100 days of the legislative session was a precedence for the GOP management.
On January 24, the Home Committee on Oversight and Authorities Reform launched an investigation into Operation Chokepoint 2.0 and despatched letters to crypto business leaders and advocacy teams requesting enter.
Home Oversight Committee initiates debanking investigation. Supply: House Oversight Committee
Associated: SEC cancels controversial crypto accounting rule SAB 121
The Senate Banking Committee
Senator Tim Scott, chairman of the Senate Banking Committee, is pro-crypto and promised sweeping regulatory reform for digital belongings previous to the 2024 United States elections.
Chatting with an viewers on the Bitcoin 2024 convention, Scott stated the previous management on the Securities and Change Fee (SEC) was stopping pro-crypto insurance policies and promised change to US voters.
“Now we have to eliminate the oldsters who’re in the best way,” Scott informed pro-Bitcoin (BTC) voters within the Summer time of 2024. Scott additionally promised Bitcoin voters:
“The one factor I’ll completely assure can be completed is watching your laws get a vote, go the Banking Committee, and we’re going to struggle to make it a regulation in the USA of America.”
Following Scott’s pronouncement, Republicans received an electoral sweep in November 2024, securing both chambers of Congress, the Presidential election, and the favored vote.
Senators Cynthia Lummis, pictured left, and Tim Scott, pictured proper, take the stage on the Bitcoin 2024 convention. Supply: Senator Tim Scott
Senator Lummis appointed chair of the Senate Banking Subcommittee on Digital Property
Wyoming Senator Cynthia Lummis was appointed by Scott to chair the Senate Banking Subcommittee on Digital Property in January 2025.
Lummis stated the first objectives of the subcommittee included passing complete digital asset laws and stopping overreach by authorities regulatory companies.
The Senator added that legislative initiatives would come with a complete market construction invoice, stablecoin rules, and provisions for a Bitcoin strategic reserve.
Senator Lummis’ Bitcoin Strategic Reserve invoice. Supply: Senator Cynthia Lummis
Challenges and searching forward
Stand With Crypto, a crypto advocacy and voter training group, informed Cointelegraph that the present Congress has a “mandate” to go complete crypto regulatory reform. The group stated:
“The 52 million crypto customers and innovators throughout America elected a historic pro-crypto Congress in 2024 — sending 278 pro-crypto candidates to the Home of Representatives and 20 to the Senate.”
Regardless of this, challenges stay, as crypto rules could take a backseat to extra urgent political points or pushback from anti-crypto politicians.
Business executives and the crypto group have accused Democrats of being anti-crypto and stifling the regulatory course of.
A few of crypto’s most vocal political opponents embody Democrat Senators Elizabeth Warren, Dick Durbin, and California Rep. Brad Sherman — all of whom are nonetheless in workplace after being re-elected in 2024.
Joe Doll, the final counsel for NFT market Magic Eden, additionally informed Cointelegraph that Republicans probably have only two years to pass crypto legislation earlier than midterm elections happen.
Traditionally talking, midterm elections are inclined to see the political pendulum swing the opposite method and alter the steadiness of energy in Congress, Doll stated.
Present steadiness of energy in the USA Home of Representatives. Supply: US House of Representatives
The lawyer stated that Republicans have already got a slim majority within the US Home of Representatives, which has narrowed to solely three seats since Doll spoke to Cointelegraph in December 2024.
In response to Doll, a gridlocked authorities would impede the passage of pro-crypto laws in the USA.
Journal: How crypto laws are changing across the world in 2025
