Share this article
Democrats Keep the US Senate but Crypto Only Has Eyes for FTX Collapse
After a whirlwind election week dogged by crypto market madness, the industry's regulatory future in the U.S. is in the hands of a divided government.
Updated Nov 14, 2022, 5:13 p.m. Published Nov 13, 2022, 5:25 p.m.
Make us preferred on Google
Democrats have retained control of the U.S. Senate following the midterm elections. Although a number of pro-crypto candidates from both sides are in, crypto exchange FTX’s fresh collapse will likely spell more regulations for the space.
The result was called on Sunday, five days after the elections were held, with election officials still counting votes for several members of the House of Representatives. It is not yet clear which party will control the lower body of Congress.
STORY CONTINUES BELOW
It’s also unclear how much the election outcome could sway crypto legislation already in the works, as the laws have had bipartisan support and the key lawmakers behind the initiatives remain in office. The crypto industry made a concerted effort to make its mark on Capitol Hill this year, and a number of proponents from both parties have won their respective races.
But the market could be a wild card.
On the day of the election, Sam Bankman-Fried, founder of FTX, made a surprise announcement on Twitter that rival platform Binance had signed a non-binding letter of intent to acquire FTX. In the days that followed, the deal was scrapped and the once multi-billion dollar exchange filed for bankruptcy on Friday. Over the weekend, FTX and FTX US were hacked with $600 million worth of crypto moved off the exchange.
Crypto prices across the board took a nosedive following the news, with bitcoin price dropping 22% in the last seven days, according to CoinMarketCap data on Sunday.
Bankman-Fried, who said he had spent much of his time talking to lawmakers and regulators in D.C. these last months, may still influence crypto rules, but not in the way he might have intended.
Several key Senators within the Democratic Party have expressed concern over the collapse of crypto exchange FTX, which was led by major election donor Sam Bankman-Fried. Sen. Sherrod Brown, who will continue to chair the Senate Banking Committee, and Sen. Elizabeth Warren, who sits on that committee, have both called for investigations into the exchange.
Read more: Crypto Has Prepared for Divided US Government, Republican Rise
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
