Galaxy Research Head: Key Crypto Legislation Unlikely to See Substantive Progress Following Democratic Victory

Alex Thorn, Head of Research at Galaxy, noted that even if Democrats secure control of both chambers of the U.S. Congress, meaningful progress on key digital asset legislation remains unlikely—and leadership of congressional committees will shift. Specifically, he observed that Elizabeth Warren may assume the chairmanship of the Senate Committee on Banking, Housing, and Urban Affairs, while Maxine Waters is poised to reclaim leadership of the House Committee on Financial Services. Although several Republican lawmakers openly supportive of crypto lost their races in this election, the pro-crypto coalition did not suffer a wholesale defeat: according to Stand With Crypto data, 19 pro-crypto Senators and 226 pro-crypto Representatives have been elected to the new Congress. Separately, Molly White’s tracking shows that political action committees (PACs) focused on crypto and AI backed candidates in 12 closely contested races—and lost 9 of them; however, in 40 relatively safe races, those PAC-backed candidates won all contests.