- Their lead was narrow, but it secured a victory of 218 vs. 208 seats
- Now, Republicans hold a majority in both the US House and Senate
- This enables Republicans to take charge of the House Financial Services Committee
- The current chair Rep. Patrick McHenry will step down in January 2025
- Several likely pro-crypto candidates are being considered for his position
Republicans Have Officially Gained the Majority in the US House and Senate, specifically, they hold a narrow majority in the US House with a 218 vs. 208 seat advantage.
This gives Republicans, while not unlimited, expanded opportunities to advance several initiatives and build a strategy within the context of a unified government and a bicameral approach over the next two years.
Among other things, this includes the House Financial Services Committee, and the departure of its chair, Rep. Patrick McHenry, in January 2025. Several pro-crypto candidates have already been mentioned as potential successors.
More on Possible Republican Initiatives
The House Financial Services Committee is crucial because it directly influences agencies such as the U.S. Securities and Exchange Commission, the Federal Reserve, and other federal agencies. The person in charge of this committee plays a key role in shaping the interaction with these agencies.
Current chair Rep. Patrick McHenry will leave in January 2025, and a new candidate will likely be selected by December 2024. Among the likely candidates are Reps. French Hill of Arkansas, Andy Barr of Kentucky, Bill Huizenga of Michigan, and Frank Lucas of Oklahoma.
Since all of these candidates hold pro-crypto positions, their selection likely signals a bipartisan and synchronized effort to implement effective regulation of the crypto industry. According to Ron Hammond, Director of Government Relations at the Blockchain Association, their main focus will likely be on stablecoins and the structure of the crypto market, rather than DeFi and NFTs.
Additionally, this majority could, in theory, allow for more synchronized efforts to tackle other issues, such as the immigration crisis, tax policy, and more. However, Donald Trump’s initiatives are still divisive and may face resistance.
Nevertheless, Republicans remain optimistic, and as Speaker Mike Johnson remarked:
“If there’s unified government… if we have a bicameral approach — Republicans in both chambers working together to develop that agenda and implement it, and President Trump is guiding the way — I think you will certainly have a lot less dissension in the ranks on our side. I think everybody’s going to want to be a part of that majority that is solving the problems of the country. And I think governing is going to be a whole lot easier come January.”
Conclusion
Despite the ongoing checks and balances system and a significant number of Democrats, the Republican majority in the US House and Senate is important and could indeed simplify the passage of several initiatives, speeding up their implementation.
We’ll see how truly unified the government becomes, which direction it will take, and how it will address problems and influence markets. Stay tuned.
