Three major political committees associated with the crypto industry have spent about $170 million on the election campaign in the United States, reports CoinDesk. The largest structure Fairshake and its partners' main sponsors include crypto exchange Coinbase, company Ripple, and investment firm Andreessen Horowitz. For the industry, the November 3 elections are a battle for the composition of Congress, which will have to decide the fate of crypto market rules and tax changes.

For users outside the U.S., the significance primarily lies in future requirements for American crypto platforms and oversight of digital asset trading. Tax proposals relate to U.S. legislation: they do not introduce new obligations for Ukrainian taxpayers.

One of the main unresolved issues is the Digital Asset Market Clarity Act bill, known as the CLARITY Act. It should delineate the authorities of two U.S. regulators: the Securities and Exchange Commission — SEC — and the Commodity Futures Trading Commission — CFTC. This determines which body controls trading in specific digital assets and what requirements are imposed on the platforms serving it.

On September 15, the Senate failed to overcome the procedural hurdle to begin consideration of the document: 49 senators voted in favor, 50 against, with 60 votes needed. Kurs reported on this vote. After the elections, the question will be whether the new Congress will continue negotiations and what the next version of the bill will be.

Disagreements go beyond technical trading rules. Democrats demand stricter conflict-of-interest restrictions for officials tied to crypto businesses, including President Donald Trump. Republican supporters of the CLARITY Act advocate for establishing clear rules for the industry. Therefore, the victory of crypto-backed candidates does not itself guarantee passage of the law.

The second direction is taxation in the U.S. On September 16, the House Ways and Means Committee approved the Digital Asset Tax Certainty Act project: 38 votes to five. It covers accounting for digital asset transactions, dollar stablecoins, income from mining and staking, as well as reporting requirements. For U.S. taxpayers, these are issues of calculating income and reflecting transactions in declarations. Committee approval is a stage of consideration, not the introduction of new rules.

The election results will also affect priorities for parliamentary oversight. Industry representatives allow that if the majority changes, Congress may pay more attention to investigating connections between crypto companies and the Trump administration. This is a scenario discussed by market participants, not an approved program for the future composition of parliament.

The midterm elections do not change the president and automatically lead to replacement of financial regulators' heads. However, the majority in each chamber determines committee leadership and influences which bills and investigations will get advanced in the next two years.

The November 3 vote will not change trading rules the next day. The new Congress will begin work in January 2027. Bills that do not become law by the end of the current composition's term will need to be reintroduced. Therefore, for the crypto market, the immediate election result is a change in political opportunities for reforms, not a ready set of new requirements for users.

Based on materials: CoinDesk, CoinDesk on pre-election spending, U.S. Senate, House Ways and Means Committee, Joint Committee on Taxation.