ChainCatcher news, according to the Associated Press, the Republicans have won enough seats to control the U.S. House of Representatives, achieving a comprehensive victory in the elections, ensuring their control over both chambers of Congress and the White House. The Republicans earlier gained control of the Senate.

ChainCatcher news, according to Edison Research: The Republican Party has won another seat in the U.S. House of Representatives, bringing their total to 215 seats, while the Democratic Party has 206 seats. A majority in the House requires 218 seats. (Jinshi)

ChainCatcher news, according to data from the election forecasting organization DECISION DESK HQ, predicts that the Republican Party has gained control of the House of Representatives, with the current prediction showing that the Republicans have secured 218 House seats, becoming the majority party in the House; the Democratic Party currently holds 209 seats. According to predictions from several media outlets, the Republican Party has also gained control of the Senate.

ChainCatcher news, according to Jinshi reports, the Japanese House of Representatives and the House of Councillors will hold a prime ministerial nomination election. Since the ruling coalition formed by the Liberal Democratic Party and Komeito did not obtain a majority of seats in the previous House of Representatives election, this brings uncertainty to the upcoming prime ministerial nomination election.According to the rules and procedures, the prime ministerial nomination election is conducted in the order of the House of Representatives first, followed by the House of Councillors. The person who receives more than half of the valid votes in the first round of voting wins. Many Japanese media outlets predict that it may not be possible to directly determine the winner in the first round of voting in the House of Representatives.The decisive round of voting is expected to take place between Liberal Democratic Party President Shigeru Ishiba and the leader of the largest opposition party, the Constitutional Democratic Party, Yoshihiko Noda. In the decisive round of voting, the person with the highest number of votes wins. This will be the fifth time in Japanese history that the House of Representatives prime ministerial nomination election has entered a decisive round of voting.

ChainCatcher News, the well-known American election forecasting organization "Sabato's Crystal Ball" predicted on Monday that this year's elections will result in a split in the House of Representatives by a single vote.In an article published on Monday, the organization's editor Larry Sabato, executive editor, and deputy editor wrote: "Like the presidential race, the battle for the House has essentially been a tug-of-war throughout the entire cycle." "We have always believed that the winners of the presidency and the House are likely to be the same person, but the margin is very slim. We believe that 218 seats are safe, likely, or leaning Democratic, while 217 seats are safe, likely, or leaning Republican." The House is currently led by Republicans, but the advantage is very narrow, and they hope to maintain this position. According to Hill/Decision Desk's forecast, the chances of Republicans winning the House are 52%.

ChainCatcher news, according to DLNews, UK Chancellor Rachel Reeves has announced the first budget proposal, raising the highest capital gains tax rate from 20% to 24%, and increasing the lower rate from 10% to 18%. Although the increase is lower than the tech industry's previous expectations, it has still faced criticism from representatives of the crypto industry.A spokesperson for CryptoUK expressed disappointment to the media that the Chancellor failed to seize the opportunity to unify the digital asset tax system with traditional trading, and also did not provide clearer tax guidance for the industry, leaving many startups, growth-stage companies, and investors in a state of uncertainty.Reeves stated that the tax rate adjustments aim to fill the £22 billion public spending gap left by the Conservative government. She pointed out that even after the increase, the UK's tax rates remain lower than those of other European G7 economies.

ChainCatcher news, according to Hong Kong media East Network, the Hong Kong Securities and Futures Commission (SFC) discussed regulatory guidelines for crypto assets, tokenization, and artificial intelligence with representatives from 12 Asia-Pacific securities market regulatory agencies.In addition, the Hong Kong SFC also hosted the first meeting of the International Organization of Securities Commissions (IOSCO) Asia-Pacific Committee's Supervisory Directors Network, where, in addition to discussions, there was sharing of the latest market developments and observations from the business community. A commercial bank also conducted a live demonstration of artificial intelligence applications.

ChainCatcher news, Coinbase Chief Legal Officer Paul Grewal stated that former President Trump's campaign team has been more explicit about accepting cryptocurrency, while Harris's campaign team has reached out and expressed interest.In an interview with Sonali Basak and Michael Regan, Grewal mentioned that regardless of the election outcome, we will see a Congress that supports cryptocurrency.

ChainCatcher news, FOX Business senior reporter Charles Gasparino stated on X that Wall Street research shows Kamala Harris is still slightly ahead of Donald Trump. Even if she is elected, the possibility of a divided government still exists. Researchers also noted that if Trump wins, the Republican Party could sweep Congress like in 2016, winning a majority in both the Senate and the House of Representatives.

ChainCatcher news, Lee Seung-kyun, a representative of the P2P transfer service provider Viva Republica, confirmed that he borrowed approximately 73 billion Korean won from the now-bankrupt FTX exchange's subsidiary, using the company's stock he holds as collateral. Currently, Lee Seung-kyun has extended the loan through other financial institutions in South Korea. If the Korean exchange deems that the amount of stock collateral provided by Lee Seung-kyun is excessive, it may adversely affect the company's listing process.According to documents related to the bankruptcy proceedings of FTX Trading Ltd. in the U.S. Bankruptcy Court for Delaware, Lee Seung-kyun signed a loan agreement with FTX Trading's subsidiary Maclaurin Investments on November 4, 2021, for a loan amount of $54.75 million (approximately 73.09 billion Korean won). The documents also indicate that the "recoverability of this loan is uncertain." In addition to providing the loan, FTX Trading also made an equity investment of $71.3 million (approximately 95.2 billion Korean won) in Viva Republica.Industry insiders believe that this move may not pose an obstacle to Viva Republica's listing, but the judgment of the Korean exchange will still impact the listing process. Viva Republica plans to go public as early as next year, with market valuation expectations ranging from 9 to 10 trillion Korean won.

ChainCatcher news, Forbes reporter Eleanor Terrett posted an update on the X platform stating that a meeting hosted by California Congressman Ro Khanna with cryptocurrency industry figures and Democratic leaders including Vice President Harris will take place on Thursday at 11:45 AM Eastern Time (11:45 PM Beijing Time).

ChainCatcher news, according to Cointelegraph, U.S. House members voted to support legislation to establish a task force to study the illegal use of digital assets.The majority of House members approved the Financial Technology Protection Act through a voice vote. The bill was introduced by Representatives Zach Nunn and Jim Himes in April 2023, aiming to address how "rogue nations and foreign actors" exploit cryptocurrencies to evade sanctions by coordinating efforts among multiple federal agencies.Representative Nunn stated, "This bipartisan bill will help ensure that the United States is prepared to address security risks and prevent illegal money laundering while protecting the consumer choice of all Americans. We must do both to ensure the long-term integrity of digital assets."

ChainCatcher news, after Biden announced his withdrawal, House Republican Speaker Johnson called on Biden to "resign immediately." Johnson stated in a statement, "If Biden is not fit to run for president, he is not fit to serve as president. He must resign from the presidency immediately." Johnson noted that over 14 million Americans chose Biden as the Democratic presidential candidate, but this self-proclaimed "Democratic" party declared their ballots invalid. As Speaker of the House, Johnson is second in the presidential line of succession, just behind Harris.When asked about some congressional Republicans calling for Biden to resign, the White House stated that Biden "looks forward to completing his term." Senate Republican Leader McConnell similarly criticized the Democrats in a statement for "trying to undermine the will of the American people expressed in the national primaries," but did not call for Biden to resign from the presidency.

ChainCatcher news, according to CoinDesk, the U.S. House of Representatives voted on Wednesday whether to overturn President Joe Biden's veto of the resolution related to SAB 121, but it did not pass. The U.S. Securities and Exchange Commission's cryptocurrency accounting policy remains unchanged. One of the core Democratic negotiators on cryptocurrency legislation, Representative Maxine Waters, stated that the SEC and the banking industry are negotiating to change the controversial accounting policy.It is reported that SAB 121 was first issued in 2022 and has sparked controversy over the past year. It requires cryptocurrency custodians to record the cryptocurrencies held by clients as liabilities on their balance sheets. The crypto industry is concerned that this move could prevent banks from safeguarding digital assets.

According to ChainCatcher, Fox Business reporter Eleanor Terrett stated on the X platform that the U.S. House of Representatives will vote on SAB 121/HJ Res. 109 (Cryptocurrency Custody Accounting Standards Announcement) at 4 PM EST on July 10 (04:00 Beijing time on July 11), but it is expected that lawmakers will not secure enough votes to achieve the two-thirds majority needed to override Biden's veto.

ChainCatcher news, Fox Business reporter Eleanor Terrett stated on social media: "The U.S. House of Representatives may vote on Tuesday or Wednesday to override Biden's veto of SAB 121, which requires a two-thirds majority. While achieving a two-thirds majority to override SAB 121 is a significant ask (about 60 more 'yes' votes than last time), members of Congress planning to vote 'no' should remember that SAB 121 is a key reason for the limited number of institutions providing digital asset custody services, a risk outlined by VanEck in its spot ETH S-1 filing.VanEck stated that Coinbase, as the custodian for all spot ETF products (and most BTC products), poses a risk: ''Coinbase provides ETH custody services for multiple competing Ethereum exchange-traded products, which could adversely affect the operation of the trust and the ultimate value of the shares.' If banks and other 'institutionally capable providers' are discouraged from offering custody services due to SAB 121, does this mean that Biden and the members of Congress voting to retain the bill are directly contributing to this market risk?"

ChainCatcher news, according to Cointelegraph, U.S. President Joe Biden's controversial veto of the SAB 121 bill may be voted on by the House of Representatives next week. SAB 121 is a proposed rule that requires entities holding cryptocurrencies to record these holdings on their balance sheets.According to the weekly schedule released by House Majority Leader Scalise, the rule is currently on the House's "legislation that may be considered" list. Voting to override or uphold the presidential veto is a constitutional obligation of the House, so a vote must take place again. The vote may occur on Tuesday or Wednesday.

According to ChainCatcher news, The Block reported that a representative from the Arbitrum ecosystem, Frission, has proposed a governance proposal suggesting that 50% of the excess sequencer fees in the future be used to reward holders of ARB tokens who stake and actively delegate.The proposal addresses the growing treasury security concerns of the Arbitrum DAO, which currently holds over $50 million in excess fees. The proposal points out that only 10% of ARB is actively used for governance, and the voting participation rate is declining, making the treasury a potential target for governance attacks. Frission's proposal aims to incentivize governance participation, enhance the economic security of the DAO, and reduce the risk of the treasury being attacked.