Democrats have won control of both chambers of the US Congress in the midterm elections, giving the party greater influence over legislation and oversight of President Donald Trump’s administration.
The party won House seats in districts where Trump beat his Democratic opponent by as much as 18 percentage points in 2024. Democrats also flipped at least seven Senate seats in Kansas, Iowa, Texas, Ohio, Maine, North Carolina and South Carolina, according to the Associated Press.
Implications for crypto legislation and oversight
The result could reshape the outlook for crypto legislation and bring greater congressional scrutiny of Trump-linked digital asset businesses. Democratic committee leaders will gain more influence over which bills advance and which industry activities face investigation.
Democrats will take control of House committees in January 2027, allowing them to issue subpoenas and investigate the Trump administration, the president’s family and their business interests, according to NBC News.
Affordability cited as defining issue
Financial markets commentary publication The Kobeissi Letter pointed to affordability as the defining election issue, citing high energy costs and renewed interest rate increases.
Gokhshtein Media founder David Gokhshtein blamed Republican candidates for failing to connect with voters.
“Well, Republicans got their asses handed to them. I thought they’d do better. I was wrong,” he wrote on X Wednesday.
Prediction markets favored Democratic sweep
Prediction markets had favored a Democratic sweep. Traders on Kalshi and Polymarket put the probability of Democrats winning both chambers at roughly 75% on Tuesday, before the results were announced.
Related: What’s at stake for crypto as the US votes in the 2026 midterms?
