Bitwise CIO says Democratic control of Congress may have limited long-term crypto impact

Bitwise CIO Matt Hougan said Democratic control of the U.S. Congress after the midterm elections may have only a limited long-term impact on the crypto industry. Citing crypto lobbying group Stand With Crypto, Hougan said the next Congress is expected to have 51 crypto-friendly senators, little changed from 52 in the current Congress. In the House, at least 241 lawmakers were counted as crypto-friendly, giving them a majority, Hougan said. Democrats are expected to control both chambers, but the overall age of lawmakers has declined, which Hougan said could make the generational shift in Congress a positive factor for the long-term crypto policy environment. He added that tougher investigations into crypto projects tied to the Trump family could pose a short-term risk.