[U.S. Midterm Elections Approaching, Polls Show Democrats Likely to Flip the House]
As the U.S. midterm elections approach on November 3, Democrats are expected to flip the House of Representatives and gain an advantage in the Senate race. Control of Congress will determine the level of oversight and budget approvals for regulatory agencies such as the SEC and CFTC. The House Ways and Means Committee has advanced a bipartisan crypto tax bill, and Senator Steve Daines has introduced similar tax legislation in the Senate. Fairshake Super PAC and the Digital Freedom Fund have collectively spent over $33 million on advertising. Industry insiders are concerned that if Democrats win the majority, they may issue subpoenas to crypto companies linked to the Trump administration.
