The Nov. 3 U.S. midterms will decide control of Congress as lawmakers weigh digital-asset rules, but the cited history does not show that elections drive crypto declines.
A U.S. Postal Service notice lists 435 House seats and 35 Senate seats for the election. On Sept. 15, the Senate voted 49-50, with one senator not voting, against a cloture motion on proceeding to H.R. 3633, the Digital Asset Market Clarity Act. The bill concerns regulation of digital commodities by the Securities and Exchange Commission and Commodity Futures Trading Commission.
The election could change congressional scrutiny of crypto firms and regulators. Reuters reported that a Democratic win in either chamber could give Democrats subpoena power and greater investigative capacity, while the Trump administration could continue pursuing regulatory changes. Kevin Edgar, a BakerHostetler partner and former chief counsel of the House Financial Services Committee, told Reuters, “Everything that has gone on in the first two years of this administration is fair game for investigations.”
CoinGape attributed a comparison to analyst Ali Martinez that cited Bitcoin (BTC) declines of 72% in 2010, 65% in 2014, 52% in 2018 and 27% in 2022 around midterm cycles. CoinGape also cited market cycles, liquidity and investor sentiment as factors affecting prices.
In an Oct. 23 update, CoinGape put XRP support near $1.32 and $1.20.
The next scheduled decision is the Nov. 3 general election.
