U.S. Midterms Threaten to Reshape Crypto Rulemaking

Congress is weighing a digital-asset market structure framework intended to divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Nov. 3, 2026, midterm elections will contest all 435 House seats and could shift control of the Senate Banking Committee and House Financial Services Committee. That matters because committee leaders control hearings, markups and legislative calendars, allowing them to stall a bill even when it has bipartisan support.

The Senate Banking Committee advanced H.R. 3633, the Digital Asset Market Clarity Act, by 15-9 on May 14, but supporters still need 60 Senate votes to overcome procedural hurdles. Republicans released revised text on July 22 adding restrictions on digital assets issued or sponsored by public officials, while Democrats sought stronger ethics, consumer-protection and anti-money-laundering provisions. With fewer than 100 days before the election, crypto groups had more than $125 million available for political spending, raising the stakes for committee control and the bill’s prospects in 2027.