Republicans will retain control of the House of Representatives – effectively securing a unified government under President-elect Donald Trump after the 2024 U.S. presidential election, many media outlets predicted on Wednesday, November 13.
Reinforced by reputable news organizations such as the Associated Press and NBC News, the Republican Party’s continued lead in the House overlaps with the party’s three-seat majority in the Senate, paving the way for the G.O.P.’s unlimited control of Congress.
House of Representatives Speaker Mike Johnson (R-LA) will continue in his role under the new Trump administration, while Senator John Thune (R-SD) will command the Senate.
“The Republican team is united,” Thune told reporters shortly after his victory. “We’re one team, we’re happy to regain the majority, and we’ll start working with our colleagues in the House of Representatives to implement President Trump’s agenda.”
What Trump’s presidential election victory means for cryptocurrencies
Both Johnson and Thune have expressed pro-crypto sentiments over the years, sparking optimism among members of the blockchain sector.
Johnson, who boasts an A rating on the Stand With Crypto political index, previously voted for the CBDC Anti-Surveillance State Act and the Financial Innovation and Technology for the 21st Act (FIT21).
Meanwhile, Thune is also pro-crypto, having co-sponsored the Digital Commodities Consumer Protection Act (DCCPA) and previously voted to repeal the controversial United States Securities and Exchange Commission (SEC) staff accounting bulletin SAB121.
Trump has openly expressed his desire for a cryptocurrency-friendly regulatory framework while in office in connection with the launch of his family’s cryptocurrency platform, World Liberty Financial.
Trump recently promised to fire SEC Chairman Gary Gensler for the federal agency’s regulation-by-enforcement approach to cryptocurrencies in recent years. “We’re going to have regulation,” Trump said at the Bitcoin 2024 conference, adding, “but from now on, the rules will be made by people who love your industry, not hate it.”
Bitcoin reached new records after the election, surpassing $93,000 on Wednesday. Trump has shocked the public in recent days with his choice of politically troubled Congressman Matt Gaetz (R-FL) for attorney general, as well as Fox News’ Pete Hegseth for defense secretary.
His choices of cabinet members so far seem to be in line with his outsider ethos, although they may not please some established members of his party.
