The Democratic victory in the midterm elections does not eliminate the GENIUS Act, the executive order establishing a strategic Bitcoin reserve, or the authority of the SEC and CFTC. The GENIUS Act, enacted on July 18, 2025, will take effect on January 18, 2027, or 120 days after the publication of its final rules, whichever comes first. The March 2025 presidential order providing for the retention of certain confiscated bitcoins remains in force, subject to legal restitution obligations. The new Congress can propose amendments, oversee regulators and legislate on these measures, but their automatic repeal is not guaranteed. With the new majority taking office in January 2027, existing crypto rules will continue to operate while new initiatives face a more demanding political balance of power.
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