ME News reports that on October 13 (UTC+8), crypto industry executives expressed concern that if Democrats win the midterm elections, Representative Sean Casten, known for his tough stance on crypto, could challenge Maxine Waters for the chairmanship of the House Financial Services Committee. Casten voted against the CLARITY Act in 2025 and introduced legislation in 2024 to restrict crypto tools he believes facilitate money laundering. Ron Hammond, Head of Policy and Advocacy at Wintermute, stated that Casten is not a friend to the crypto industry.
Previously, Foresight News reported that multiple U.S. congressional staff members, lawmakers, and attorneys stated that if the Democratic Party gains control of the House or Senate in the November midterm elections, business deals facilitated by the Trump family will be among the first targets of investigation, with crypto companies linked to the Trump family and Donald Trump Jr.’s venture capital firm, 1789 Capital, being prioritized. The Democrats could initiate investigations as early as February next year; companies associated with the Trump family have already retained lawyers to conduct internal audits and hired crisis communications firms. (Source: Foresight News)
The crypto industry expresses concern over Sean Casten's potential leadership of the House Financial Services Committee
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Summary
Crypto industry news highlights concerns over Representative Sean Casten’s potential bid for chair of the House Financial Services Committee. Casten, a vocal critic of crypto, opposed the CLARITY Act and introduced a 2024 bill targeting tools he claims facilitate money laundering. Ron Hammond of Wintermute described him as unfriendly to the industry. Foresight News reported that Democratic control could lead to investigations into crypto firms linked to Trump and 1789 Capital. Industry trends suggest regulatory pressure remains a key risk.
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