The cryptocurrency industry spent heavily to shape the next Congress. Now it may have to spend the next two years defending the regulatory ground it already won.
Democrats captured control of both chambers in Tuesday’s (Nov. 3) midterm elections, reversing the Republican majorities that helped deliver landmark stablecoin legislation with the GENIUS Act and advance a broader overhaul of digital asset regulation. The results also threaten to elevate some of crypto’s most persistent congressional critics into positions with the power to set legislative priorities, summon executives and scrutinize federal regulators.
Washington’s next crypto battle may be fought less through legislation than through regulatory implementation, agency…
