Republicans poised to hail crypto

Republicans are not flustered by FTX’s meltdown and crypto regulation might be inching closer for the US.

Results from the November 8 US midterm elections show that Republicans will hold at least 218 seats. Republican Tom Emmer from the blockchain caucus is still bullish, even after the FTX debacle.

This is great news for the crypto space – at least for those who believe that regulation and government interactions are key in legitimizing the industry’s foothold.

CoinDesk reported on a handful of bills that have previously been stalled by House or Senate panels, and outlined that there are multiple bills which could simply be recycled when the new Congress sets up on January 3, 2023.

The financial outlet American Banker reported that on Wednesday the House Financial Services Committee called for stricter crypto regulation. Some were questioning what part legislative inaction played in the collapse of one of the largest crypto exchanges. The committee leaders called for a bipartisan crypto bill.

Emmer (R-Minn.) is a co-chair of the congressional blockchain caucus and was picked by Republicans for the lead role in the next Congress. He spoke quite a bit lighter of the situation, saying that it “could be a lot of fun” to develop and implement crypto legislation next year.

Aside from that, Emmer’s take on the situation was fairly bullish, saying that: “You do not get growth without taking risk.”

Risk is not something that investors usually appreciate however, and even FTX advised its users to delete its apps.

So, no matter how divided the community might be on regulation, it seems that FTX’s story has caused pro-crypto representatives to join their efforts and help settle the dust.

For better or worse, the US might be headed into a new era in its approach to digital assets.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Kyamil Nasuf

Reporter

Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.

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