US midterm elections deliver blow to crypto industry: over $64 million fails to stop Sherrod Brown's return to Senate, multiple crypto-friendly lawmakers lose

Shenchao TechFlow news, Nov. 4: According to a post by journalist Eleanor Terrett, the US midterm election results have delivered a blow to Republicans and the crypto industry. The crypto industry invested over $64 million but still failed to prevent former Senator Sherrod Brown from winning Ohio's Senate seat. Brown previously served as chair of the Senate Banking Committee and may in the future obtain a leadership position on a committee responsible for cryptocurrency affairs.

In the House, several Republican lawmakers supportive of the crypto industry lost, including Bryan Steil, Zach Nunn, and Ann Wagner; Mike Lawler has conceded to Democratic candidate Cait Conley, but the final result in New York's 17th Congressional District remains pending the counting of late ballots. House Financial Services Committee Chair French Hill is currently leading and is expected to possibly become ranking minority member, while Maxine Waters is likely to return as committee chair.

In addition, Democratic Senator Kirsten Gillibrand helped expand the Democratic majority in the Senate in this election, and her influence within the party is expected to rise. After the Republicans lose control of the Senate, Tim Scott is expected to transition from chair of the Banking Committee to ranking minority member. Pro-crypto Senator Pete Ricketts won the Nebraska election, and Republican Rep. Andy Barr won the vacant Senate seat in Kentucky, which may place him on the Senate Banking Committee.

Source: Shenchao TechFlow