If Republicans win control of Congress in the November midterms, people who closely follow financial technology expect pressure on regulators to push crypto-friendly rules across the finish line.
Lawmakers from both parties have teamed up on legislation that would regulate the industry following a chaotic year with a stablecoin failure and the bankruptcies of crypto lending companies. Bitcoin, one of the most popular cryptocurrencies, lost over 60 percent of its value since November 2021.
Republicans, though, have been particularly zealous in wanting more clearly defined rules of the road from regulators. Sen. Patrick J. Toomey, R-Pennsylvania, for example, has chastised regulators for not providing more clarity.
