Bloomberg says Democratic sweep of Congress may weaken crypto industry clout

The cryptocurrency industry could face setbacks to its regulatory agenda and possible congressional investigations after Democrats won the U.S. midterm elections and took control of both chambers of Congress, Bloomberg reported. The outlet said Democrats are expected to closely examine business ties between the crypto industry and President Donald Trump and his family, while pushing for stricter ethics rules and stronger consumer protections that could slow legislation backed by the industry. Bloomberg added the industry’s lobbying efforts in Washington could also face a backlash. Still, it said it may be difficult to reverse existing policy gains because the GENIUS Act, a stablecoin regulation bill, has already been enacted and regulatory framework efforts by the SEC and CFTC are already underway.