Democrats have seized control of both chambers of the US Congress in midterm elections, reshaping the regulatory landscape for crypto. Elizabeth Warren and Maxine Waters, both vocal crypto critics, now lead their respective Senate and House committees. The CLARITY bill faces insurmountable odds after the election outcome, according to Stefan Muehlbauer from CertiK.
The election result could derail the CLARITY bill entirely. Muehlbauer stated the bill is likely dead given Democratic control of Congress. Warren's potential chairmanship of the Senate Banking Committee creates new regulatory challenges for digital asset businesses, particularly those linked to the Trump administration.
Bitcoin has reclaimed the $80,500 threshold following midterm election results. The cryptocurrency rallied over 4% after dipping below $76,000, according to TradingView data. BTC/USD bounced from seven-week lows as US stock futures recovered from initial overnight declines.
Bitcoin's price action involved significant volatility around the $76,000 mark. CoinGlass reported $288 million in total crypto long liquidations over the previous 24 hours. A wall of sell orders contained upside movement below $78,000 while late BTC long positions liquidated at lower price levels.
ZachXBT has identified Crédit Mutuel Arkéa as the alleged victim in a crypto theft exceeding $133 million. The French banking group manages $235 billion in assets. The investigation began with initial reports of over $106 million in suspicious withdrawals from centralized exchanges.
The theft timeline spans multiple days, with ZachXBT raising estimates to $133 million after discovering additional $27 million in withdrawals. He suspects total losses exceed $133 million when accounting for over-the-counter (OTC) transactions. The bank's alleged involvement has not been independently verified, and attack vectors remain unknown.