Crypto industry faces election losses: Is the CLARITY Act now at risk?

The crypto industry has suffered major political setbacks after Democrats won control of both chambers of Congress in the November 3 U.S. midterm elections. Summary Democrats have won control of both chambers of Congress in the November 3 U.S. midterm elections, changing the political outlook for cryptocurrency legislation. Former Senate Banking Committee Chair Sherrod Brown defeated Republican Jon Husted in Ohio despite substantial crypto industry spending against him. Crypto-friendly Republicans Bryan Steil, Zach Nunn and Ann Wagner lost their House seats, according to election reporting. Senator Elizabeth Warren could lead the Senate Banking Committee, while Maxine Waters is expected to chair House Financial Services. The CLARITY Act faces fresh challenges after its September procedural defeat, with Democratic lawmakers seeking changes to consumer protection, financial oversight and ethics provisions. According to election reporting, Democrats secured majorities in the House and Senate, defeating several Republican lawmakers who supported cryptocurrency legislation. The results followed an election cycle in which crypto-linked groups spent more than $170 million backing candidat...