Crypto Market Structure Bill Faces Uncertain Future After Democrats Win Congress

With Democrats now holding the House and the Senate, the push for a federal crypto rulebook has entered unfamiliar territory. The Clarity Act stalled in September under Republican leadership, and the new balance of power makes a revival look tougher.

Where the Clarity Act Stands Now

Crypto groups poured about $170.5 million into this election cycle, and at least $125.5 million of it backed Republicans, according to Anton Golub of Forte. Mati Greenspan of Quantum Economics thinks the industry may have to restart from zero, and CertiK’s Stefan Muehlbauer says the bill is unlikely to survive as written. Golub adds that Trump’s family crypto ventures handed Democrats a reason to resist, and that banks and crypto firms never settled their argument over stablecoin rewards.

A More Hopeful Reading

Brent Fulfer of TBV says the bill was already gone by September, yet he notes that over 70 House Democrats supported it. Jason Fernandes of AdLunam believes sensible oversight could help the sector grow.

Scrutiny Ahead for Exchanges and Trump Ties

Muehlbauer expects hearings on laundering, cybersecurity and consumer protection. Shady El Damaty of Human.tech expects pressure on Robinhood and its tokenized stocks. Meanwhile, Golub still sees perpetual futures expanding after the CFTC approved single stock versions, although a federal judge raised doubts about that authority.