Republicans Win House Control, Completing 2024 Electoral Trifecta

by · Blockonomi

TLDR

  • Republicans secured House majority, completing trifecta with Senate and White House
  • Trump won re-election and named Matt Gaetz as Attorney General nominee
  • Fairshake PAC backed over 50 winning candidates, including Bernie Moreno in Ohio
  • Key crypto legislation, including FIT21 Act, passed House but stalled in Senate
  • Rep. Patrick McHenry retiring; new Republican leadership needed for Financial Services Committee

The Republican Party has secured control of the U.S. House of Representatives, completing a sweep of federal power following Donald Trump’s presidential victory and the party’s success in flipping several Senate seats.

The Associated Press confirmed late Wednesday that Republicans had won at least 218 seats, guaranteeing their majority in the chamber.

Juan Ciscomani’s victory in Arizona proved decisive for the Republican Party’s path to maintaining House control. Current projections suggest Republicans could hold up to 222 seats once all races are finalized, though several contests remain undecided as of press time.

The leadership landscape is set for major changes, with President-elect Trump announcing plans to bring several House members into his administration.

Representatives Matt Gaetz, Elise Stefanik, and Mike Waltz have been tapped for executive branch positions, requiring them to resign their congressional seats. Gaetz, Trump’s nominee for Attorney General, has already submitted his resignation letter.

The Fairshake super political action committee and its affiliated organizations played a substantial role in shaping the election outcomes.

The group, along with its partners Protect Progress and Defend American Jobs, provided financial support to nearly 60 candidates across House and Senate races, with most securing victories.

In the Ohio Senate race, Fairshake’s $40 million backing helped Republican challenger Bernie Moreno, a car salesman and entrepreneur, defeat incumbent Democratic Senator Sherrod Brown. The PAC’s strategy focused primarily on supporting candidates in safe districts during primary elections, ensuring high success rates in general elections.

The PAC did face some setbacks, notably in Colorado where a Republican defeated Democrat Yadira Caraveio, and in California where Democrat Mike Garcia lost his seat. As of the latest count, Fairshake-backed candidates were trailing in two additional races.

The House Financial Services Committee faces a leadership transition with the retirement of Representative Patrick McHenry, a Republican from North Carolina.

McHenry’s tenure saw the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which aimed to establish regulatory frameworks for different types of crypto assets.

Under McHenry’s leadership, the House also passed legislation to overturn the SEC’s Staff Accounting Bulletin 121, a policy governing how financial institutions report customer-held digital assets.

While this measure cleared the Senate, it was ultimately vetoed by President Biden. The FIT21 legislation never received a Senate vote.

The race for Republican leadership of the Financial Services Committee includes Representatives Andy Barr from Kentucky, Frank Lucas from Oklahoma, French Hill from Arkansas, and Bill Huizenga from Michigan. California Democrat Maxine Waters continues as the ranking member of the committee.

Waters and McHenry had been collaborating on stablecoin legislation over the past few years. The status of this bill remains uncertain, with questions about whether it will be introduced during the upcoming lame duck session or wait until the new Congress convenes.

The Republican majority in the House stands at a delicate balance, particularly with the imminent departures of key members to executive branch positions. Special elections will need to be held to fill these vacancies, potentially affecting the party’s working majority in the chamber.

The election results show a clear geographic divide in congressional representation, with Republicans strengthening their hold in rural and suburban districts while Democrats maintained their advantage in urban areas.

The House turnover occurs amid ongoing debates about cryptocurrency regulation, with several key pieces of legislation awaiting consideration. The Republican trifecta could create new opportunities for advancing crypto-related bills that previously stalled in the legislative process.

Campaign finance records indicate that crypto-focused political action committees increased their spending in the 2024 election cycle compared to previous years. The Fairshake PAC’s success rate suggests growing influence of crypto interests in national politics.

Finally, the election results have established new dynamics for financial policy making, with Republicans now controlling all key committees in both chambers of Congress. This shift in power structure could reshape the legislative agenda for digital assets and financial technology in the coming years.

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