Bloomberg: The Democratic Party taking control of Congress may raise the legislative threshold for cryptocurrency, and businesses related to Trump may face stricter scrutiny

According to Bloomberg, as the Democratic Party prepares to take control of the U.S. Congress, the political advantages previously enjoyed by the cryptocurrency industry in Washington are facing a turning point. The industry may encounter stricter regulations and more intense scrutiny regarding its relationship with Trump; comprehensive cryptocurrency legislation will also be harder to advance under the terms preferred by the industry. However, some policy achievements previously obtained by the cryptocurrency industry are not easily overturned. For example, to abolish the federal stablecoin law, new legislation would need to be passed; the SEC and the Commodity Futures Trading Commission (CFTC) can also continue their work on establishing regulatory rules for digital assets.

It is reported that the cryptocurrency industry has begun to shift towards bipartisan support in seeking long-term development, and the long-term development of the market is no longer limited to alliances with Trump. Digital assets are gradually involving areas such as investment funds, stablecoin payments, and financial infrastructure. For the industry that hopes to attract users and institutions from different political positions, reducing partisan colors and seeking bipartisan support may become an important direction for the next stage.