“Divided government is likely the most important outcome for crypto as we believe that is what produces a bipartisan regulatory structure that will remain intact regardless of what happens in future elections,” he wrote in a note for TD Cowen clients. In this session that’s winding down, the Senate has been controlled (barely) by Democrats, and the House had a very narrow majority in the House of Representatives, leaving the two chambers in divided hands. Crypto legislation did manage to wind its way through the House for the first time, but it made no real progress in the Senate. If it had, it would have required a carefully negotiated compromise.
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