US Midterm Elections Could Have Impact On Crypto

November 04,  2022

The composition of next year's parliament will be decided next week.

Like many of its proponents, the stakes are high for the cryptocurrency community.

Now, unless the crypto bill is anchored into a government funding package or other coercive legislation, the debate will continue until 2023.

Polls predict that Republicans will take the House and possibly the Senate.

A Republican-dominated Congress is also likely to put pressure on institutions like the SEC.

Still, shifting parliamentary dynamics could complicate the tentative agreements reached so far on legislation and further delay efforts.

A combination of turmoil in the cryptocurrency market, interest rate hikes, and withdrawal from riskier assets may have contributed in part to the plummeting token prices.