Republicans take control of US House of Representatives, crypto-friendly lawmakers may lead key committees

Republicans continue to control the U.S. House of Representatives, which could usher in pro-crypto lawmakers to lead the development of digital asset-related bills. According to the Associated Press, Republicans have won a 218-member majority, while Democrats have won 208 seats. This sets the stage for Republicans to lead the House Financial Services Committee, an influential committee that oversees the U.S. SEC, the Federal Reserve, and other federal agencies. The current chairman, North Carolina Republican Rep. Patrick McHenry, will retire in January 2025. McHenry played a key role in leading a bill to regulate stablecoins and legislation focused on crypto market structure. The latter gives the CFTC new jurisdiction over "digital commodities" and says the SEC will oversee digital assets offered as part of investment contracts. The new chairman is likely to be selected this month or December. Candidates for committee chairman include Arkansas Rep. French Hill, Kentucky Rep. Andy Barr, Michigan Rep. Bill Huizenga, and Oklahoma Rep. Frank Lucas, all of whom are friendly to cryptocurrencies. For example, Hill leads the committee’s digital asset-focused group and has been working to pass cryptocurrency bills, including one involving stablecoins. (The Block)