- Citi analysts predict faster crypto reform with a Republican-controlled Senate.
- Harris’s unclear crypto policy creates uncertainty for digital assets under her leadership.
- A Harris win and divided Congress could complicate crypto legislation and investor sentiment.
Citi analysts predict that a Republican victory in the upcoming U.S. election could speed up crypto reforms , while a win for Kamala Harris-led Democrats combined with a divided Congress may create uncertainty for the sector.
Market analysts at Citi (C) believe that the upcoming U.S. election could have significant implications for the future of digital assets. Led by Peter Christiansen, Citi analysts highlighted that the Trump/Vance ticket has publicly endorsed crypto reform. “Republican control of the Senate would be important for passing bills like FIT21 and confirming pro-crypto agency leaders,” Christiansen wrote. He added that a united front from both the chambers Congress would lead to quicker digital asset reform.
Read more : Trump Memecoins Thrive Ahead of Election, Defying Market Trends
Christiansen’s remarks come as Kamala Harris-led democrats have yet to come up with a concrete roadmap on crypto policies. Earlier, the Presidential candidate received flak for her decision not to speak at the Bitcoin Conference in July. Republican Trump, on the other hand, has been outspoken on digital assets and stated that if re-elected, he would remove SEC’s current chair Gary Gensler due to disagreements over the agency’s approach to regulating cryptocurrencies.
GOP-Controlled Senate and Democrat-Controlled House Still Bullish for Crypto
Having said that, a GOP-controlled Senate and a Democrat-controlled House may still be a bullish outcome for the crypto markets, but uncertainty looms in case Harris wins. The report noted that Harris-led Democrats have yet to outline a clear roadmap on cryptocurrency policies, making her potential administration’s stance on the sector unclear.
Citi also highlighted that while some Democrats on the House Financial Services Subcommittee are anti-crypto, they may still be outweighed by a bipartisan pro-crypto contingent.
Read also : Crypto Community Reacts to Kamala Harris’s Bitcoin Conference Decision
As per Citi, the worst-case scenario for digital assets would be a Harris victory combined with a divided Congress. This pairing would likely lead to Senate confirmation challenges, potentially slowing down crypto legislation and diminishing investor confidence, particularly for companies like Coinbase.
The U.S. election is slated for November 5, with results expected by November 8. As both parties prepare for the final push, the outcome could dramatically shape the future of digital assets.
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