Crypto commentator Tyler D says a Democratic takeover of Congress could slow crypto legislation, but it may also benefit privacy coins. Another market watcher argues the result would mainly move sentiment, because crypto legislation has bipartisan support.
A Democratic takeover of Congress in the November 3 US midterm elections could slow crypto legislation and bring tougher regulatory conditions, according to crypto commentator Tyler D. He added that it may also benefit privacy coins.
Less progress, but a possible lift for privacy coins
In a video published by Decrypt ahead of the elections, Tyler D suggested that a Democratic sweep would mean less progress for the industry. Privacy coins, he said, could benefit from the resulting regulatory climate.
He also separated legislation from regulatory rulemaking. The SEC and CFTC can introduce and change rules but cannot independently pass laws, he explained. Some of those decisions could be reversed if a different administration came to power or the watchdog agencies changed leadership.
Even so, Tyler D is optimistic about the industry's ability to withstand political change. According to him: "I think the crypto train is too big to stop at this point." He said the next two years are going to be fine no matter what.
Another analyst expects sentiment, not policy, to move
Market watcher VirtualBacon shares that view. He dismissed any thoughts of a Democratic victory triggering an immediate Bitcoin collapse. Because crypto legislation in Congress has bipartisan support, he said, an election result is more likely to affect sentiment than the industry's underlying regulatory direction.
Bitcoin slips as election day arrives
Bitcoin recovered to around $78,000 yesterday after falling to approximately $76,100 following the Binance hack last Friday. However, at the time of writing, with politicians making last-minute election pitches, it was back near $76,000. That is slightly more than 2% lower in 24 hours and nearly 4% lower across seven days.
Source: CryptoPotato
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