The Republican Party controls the U.S. House of Representatives, encryption-friendly members may lead key committees.

Odaily Planet Daily News Republicans continue to control the U.S. House of Representatives, which may see lawmakers supporting Cryptocurrency leading the formulation of digital asset-related legislation. According to the Associated Press, the Republicans have secured a majority of 218 members, while the Democrats have 208 seats. This laid the foundation for the Republican-led House Financial Service Committee, a powerful committee responsible for overseeing the SEC, the Federal Reserve, and other federal agencies. Current chairman, Republican Congressman Patrick McHenry of North Carolina, will retire in January 2025. McHenry has played a key role in leading legislation on regulating stablecoins and focusing on the encryption market structure. The latter gives the CFTC new jurisdiction over “digital commodities,” and states that the SEC will oversee digital asset provided as part of an investment contract. The new chairman is likely to be elected this month or in December. The candidates for the chairmanship include Arkansas Congressman French Hill, Kentucky Congressman Andy Barr, Michigan Congressman Bill Huizenga, and Oklahoma Congressman Frank Lucas, all of whom have a friendly attitude towards Crypto Assets. For example, Hill leads a subcommittee focusing on digital assets and has been committed to passing Crypto Asset bills, including those involving stablecoins. (The Block)