US Election: House of Representatives remains uncertain after Trump's victory

The Republican Party has the potential to achieve victory in all three electoral areas in the United States in 2024 after Donald Trump secured enough electoral votes to ensure the presidency, and the party has flipped three seats to gain a majority in the Senate. However, control of the House of Representatives has not yet been decided. As of November 6, the Associated Press has confirmed 181 seats for the Democratic Party and 199 for the Republican Party in the House of Representatives, with the results of 55 races still not announced. Whichever party controls the House will have a significant impact on the legislative agenda of the chamber in terms of oversight and bill passage. With a Republican majority, the House has passed several important bills such as the 21st Century Financial Innovation and Technology Act (FIT21), the Anti-Central Bank Digital Currency Surveillance Act, and the Financial Technology Protection Act. These bills may be sent to the Democratic-controlled Senate before the new Congress is sworn in on January 3, or they may be transferred to the new Republican-controlled chamber in 2025. Since 2023, Republican lawmakers have led key committees on Cryptocurrency and Blockchain law, including the House Financial Services Committee. Representative Patrick McHenry, who is not running for re-election, is likely to cede the chairmanship of this committee to French Hill in January if the Republicans retain the House. However, if the Democrats flip enough seats, Maxine Waters, currently the ranking member, could become the chair of this committee. The committee leadership has been negotiating the terms of a stablecoin regulation bill, which has not yet been brought to a vote on the floor.

Crypto-Friendly Candidates Have Won House Races So Far

Political Action Committees (PACs) like Fairshake and its affiliates Defend American Jobs and Protect Progress have poured millions of dollars into media advertising to support House candidates who are pro-Crypto. At the time of reporting, the Stand With Crypto political initiative reported that 253 Crypto-policy supporting candidates have been elected to the House. Protect Progress spent around $1.3 million on media advertising to support Yassamin Ansari in the Democratic primary for Arizona's 3rd Congressional District. After a recount that Ansari won by just 39 votes, the Democratic candidate secured her party's nomination and on November 5, defeated Republican opponent Jeff Zink with over 70% of the vote. In Michigan, a state that may have leaned towards Trump in the presidential election, Democratic candidate Shri Thanedar defeated Republican Martell Bivings by around 68% of the vote for Michigan's 13th Congressional District. Protect Progress spent over $1 million on advertising to support Thanedar in the Democratic primary. Defend American Jobs spent over $250,000 on advertising to support Bob Onder in the Republican primary for Missouri's 3rd Congressional District and $900,000 for Republican Zach Nunn in Iowa's 3rd Congressional District. Both candidates won their primaries against Democratic opponents. Races where Crypto-supporting PACs have spent heavily but the results remain too close to call at the time of reporting include Alaska's 1st Congressional District with incumbent Democrat Mary Peltola, for whom Fairshake spent over $1.9 million on advertising, as well as Colorado's 8th District (Democrat Yadira Caraveo), California's 45th District (Republican Michelle Steel), and North Carolina's 1st District (Democrat Don Davis). Analysts predict it may take several days before all House races are called and whether the Republicans will maintain their majority. Prior to the 2024 election, the party held 220 seats compared to 212 for the Democrats.