Crypto industry faces election losses: Is the CLARITY Act now at risk?

The crypto industry has suffered major political setbacks after Democrats won control of both chambers of Congress in the November 3 U.S. midterm elections. Democrats have won control of both chambers of Congress in the November 3 U.S. midterm elections, changing the political outlook for cryptocurrency legislation. Former Senate Banking Committee Chair Sherrod Brown defeated Republican Jon Husted in Ohio despite substantial crypto industry spending against him. Crypto-friendly Republicans Bryan Steil, Zach Nunn and Ann Wagner lost their House seats, according to election reporting.