congress

According to reports from Xinhua News Agency citing American media, senior Democratic Party officials in Congress have confirmed that after the Democratic Party officially takes control of Congress in January next year, several senior officials from the Trump administration, including Secretary of State Rubio, may become targets of investigations and impeachment.Senior Democratic members of the House of Representatives and the Senate have stated that they are considering launching investigations and holding congressional hearings, potentially initiating impeachment proceedings, with targets including Secretary of State Rubio, Secretary of Commerce Howard Lutnick, White House Chief of Staff Stephen Miller, and Border Affairs Director Tom Homan. Reports indicate that although the impeachment attempt against Secretary of Defense Hegseth was unsuccessful this week, the Democratic Party's oversight investigation plans extend far beyond just him.

U.S. Democratic Senator Reid stated that Congress needs to assess whether Nvidia is "too big to fail" and what impact this may have on the banking system.

The chairman of the House Foreign Affairs Committee stated that Jensen Huang has agreed to testify before Congress.

U.S. Senator Warren stated that Jensen Huang's resignation does not exempt him from responsibility. Jensen Huang and NVIDIA still owe Congress an explanation. Congress must pass the artificial intelligence regulation bill. Rutnik also needs to provide an explanation regarding related matters.

More than a week after the "blue wave" in the U.S. midterm elections allowed the Democratic Party to gain control of both the House and Senate, there are still 14 election results yet to be announced. According to Stand With Crypto, the results that have been announced have increased the number of crypto supporters in both chambers, and the remaining elections may bring in more supporters. In the undecided House races, three candidates have received support from the crypto political action committee (PAC), and all candidates in these districts are classified as "strongly support crypto" or "undecided."Specifically, Alaska Congressman Nick Begich is currently leading, with Fairshake's Republican affiliate Defend American Jobs investing $508,000 in him during the primary in early August; the same PAC invested $150,600 in North Carolina's 7th District Congressman David Rouzer, who is also leading. Louisiana State Senator Blake Miguez will enter the runoff on December 12 against the state's 6th District Democrat Chauna Banks, with Fellowship PAC investing $250,000 in him. On November 11, the Associated Press determined that South Carolina's 2nd District incumbent Congressman Joe Wilson won, and Stand With Crypto rated him as "strongly support crypto." His victory brings the total number of crypto supporters in the House to 246 and opponents to 107, while the Senate has 50 supporters and 33 opponents.Lindsay Fraser, Chief Policy Officer of the Blockchain Association, stated that the undecided new lawmakers "represent an opportunity." She noted that nearly a quarter of the new Congress members are newcomers, many of whom have not given much thought to blockchain technology, which is akin to "a blank slate." The association plans to organize outreach activities in January next year to engage newly elected lawmakers, aiming to get more lawmakers into Stand With Crypto's A and B ratings. She also mentioned that age influences lawmakers' crypto voting tendencies more than party affiliation, with lawmakers under 55 being significantly more likely to support the industry, and the new Congress overall being younger; she hopes the industry can face two candidates with in-depth thoughts on the industry in the 2028 election, avoiding the industry's fate being dependent on a single election outcome.

Minnesota Republican Congressman Tom Emmer was elected House Republican Whip after the midterm elections, securing the second-highest leadership position in the party. According to Politico, he defeated Texas Congressman August Pfluger in a closed-door vote of 103 to 76. Emmer previously served as the House Republican Majority Whip and will continue to be the number two in the party under the incoming Minority Leader Jim Jordan. The Democrats will take control of Congress in January next year.As Whip, Emmer will be responsible for rallying Republican votes, coordinating the party's legislative strategy, and maintaining party unity on key bills. Emmer has been a leading voice for the Republican Party on congressional digital asset issues. In March 2025, he announced the formation of a bipartisan Congressional Crypto Caucus with Congressman Ritchie Torres, aimed at garnering support for legislation on digital assets such as stablecoins and market structure.He is also the original co-sponsor of the CLARITY Act and introduced the Blockchain Regulatory Certainty Act, which aims to clarify that blockchain developers and infrastructure providers who do not control customer funds are not considered money transmitters under federal law. Republican Senator Cynthia Lummis stated on X that Tom is one of the most steadfast advocates for digital assets in Congress, leading the fight against government-controlled CBDCs and speaking out for American innovators.

According to CBS, the U.S. government will provide a situation report to Congress regarding Nvidia CEO Jensen Huang.

According to Bloomberg, over the past two years, the cryptocurrency industry has enjoyed a rare political advantage in Washington: the U.S. President has prioritized digital assets as a national priority, regulators have paved the way for it, and the Republican-controlled Congress has been sympathetic to its agenda. With the Democratic Party's significant victory in the midterm elections and control of Congress, the cryptocurrency industry is facing stricter rules and closer scrutiny of Trump's cryptocurrency business, and its political advantage is waning.The Democratic Party has indicated plans to impose stricter ethical constraints, stronger consumer protections, and to give the SEC a greater role in regulating digital assets. Cryptocurrency critics Maxine Waters and Elizabeth Warren are expected to wield greater influence in the House Financial Services Committee and the Senate Banking Committee, respectively. However, many of the cryptocurrency industry's achievements are difficult to reverse, such as the stablecoin bill which requires new legislation to be repealed.

As the Democratic Party in the United States regains a majority in Congress, the new committee leaders are preparing to request Nvidia CEO Jensen Huang to explain whether the company has taken sufficient measures to prevent AI chips from flowing into China and other U.S. adversaries. The Democrats will utilize their authority in key committees to summon executives from Nvidia and other Silicon Valley companies to attend public hearings and request documentation to assist in industry investigations. After the new Congress is inaugurated on January 3, the Democrats will officially control both the House and the Senate.Currently, three Republican members of the House overseeing national security-related committees have requested Jensen Huang to provide a briefing on his interactions related to Megaspeed International in Singapore. Meanwhile, lawmakers are negotiating three bipartisan measures involving restrictions on semiconductor manufacturing equipment sales to China, codifying existing AI chip sales restrictions, and requiring verification of the location of AI processors. Among these, the "AI Oversight Act" aims to maintain current export controls for 18 months; the "Chip Security Act" requires the U.S. Department of Commerce's Bureau of Industry and Security to ensure that AI data center chips exported overseas have security mechanisms to verify whether they are being diverted to China and other concerning destinations.

Given the strong reaction of American voters to high living costs and high inflation, several Democratic members of Congress have expressed their commitment to pushing for the repeal of the current unreasonable tariff policies.Congress members Richard Neal and Ron Wyden plan to promote relevant legislation next year to reverse the tariff policies of the Trump administration.

Former U.S. Secretary of State Hillary Clinton recently stated on ABC's program "The View," calling for the new Congress to hold individuals like Elon Musk accountable immediately after taking office in January next year. She accused these individuals of manipulating data to influence decision-making and emphasized that the government must take action and not let them go unpunished.Hillary stated, "People like Elon Musk, we need the government to take action. I advocate for holding these individuals accountable starting from the new Congress in January. They cannot evade responsibility by manipulating data to influence decision-making."Previously, Musk donated approximately $290 million to Republican candidates and related causes in the 2024 election and spent about $470 million supporting the Republican Party during this midterm election cycle. After Trump's victory, he appointed Musk as a senior advisor and co-led the Department of Government Efficiency (DOGE, officially dissolved in July 2025). The Democratic Party has previously been brewing investigations into Musk's related affairs, which may involve federal contract conflicts of interest, data access and layoffs during DOGE, and issues related to the algorithm of the X platform. The new Congress is expected to officially take office in January 2027.

U.S. Republican Congressman French Hill won re-election in Arkansas's 2nd Congressional District, defeating Democratic challenger Chris Jones, a result confirmed by the Associated Press on Thursday. Hill currently serves as the Chairman of the U.S. House Financial Services Committee and is an important ally for the cryptocurrency industry in Congress.Hill initiated the CLARITY Act and voted in favor of the GENIUS Act, receiving an A rating from the cryptocurrency advocacy organization Stand With Crypto, classified as a strong supporter of cryptocurrency. The cryptocurrency industry-supported super PAC Fairshake pledged $1 million in October to support his re-election campaign, aiming to keep crypto-friendly lawmakers in Congress.With the Democrats winning control of the House of Representatives in Tuesday's U.S. midterm elections, Hill is expected to lose his position as Chairman of the Financial Services Committee in January. According to Reuters, the current senior Democratic member of the committee, Maxine Waters, is the leading candidate to succeed him. The Democrats also gained control of both the House and Senate, creating uncertainty for U.S. cryptocurrency legislation, with the industry potentially facing stricter scrutiny. The cryptocurrency industry-supported super PAC spent over $176 million in this election cycle.

After the Democratic Party won the midterm elections, U.S. stocks surged significantly on Wednesday, but as investors continued to pull out of tech stocks for the second consecutive trading day, the Nasdaq Composite Index plummeted on Thursday. The tech-heavy Nasdaq fell by 3.3%, and the S&P 500 Index dropped by 1.9%. The Dow Jones Industrial Average decreased by 489 points, a decline of 0.9%. Although stocks like Chevron and Johnson & Johnson rose, it was not enough to offset the drag on the Dow from the tech stock sell-off. AI-related stocks, especially those in the chip industry and data centers, fell for the second day in a row.According to Gate market data, AMD (AMD.O) fell by 12%, Micron Technology (MU.O) dropped by 9%, SK Hynix (SKHY.O) decreased by 8.8%, and Nvidia (NVDA.O) fell by 5%. The Philadelphia Semiconductor Index plummeted by 8%, reaching a new low since April 20. The Nasdaq Composite Index has dropped more than 10% from its closing record high set on October 6.Investors are concerned that the Democratic Party controlling both houses of Congress and winning key gubernatorial elections may lead to more regulation of AI infrastructure development across the United States.Jordan Watson, portfolio manager at Tandem Investment Advisors, stated that the stock market surge and the trend of funds pulling out of AI stocks may only be a temporary phenomenon. However, as investors digest the election results and their potential policy impacts, the market may face more volatility.

In the U.S. midterm elections, the Democratic Party won control of both houses of Congress, prompting Israeli Prime Minister Benjamin Netanyahu to face fierce criticism from domestic political opponents. The opposition accused him of long publicly supporting the Republican Party, undermining Israel's traditional bipartisan support in the U.S., and using the election results to push for the formation of a new government without Netanyahu.Yair Golan, leader of Israel's center-left opposition party, stated that the election results reflect Netanyahu's negative impact within both the Democratic and Republican parties in the U.S. Centrist leader Yair Lapid warned that Netanyahu's continued rule would jeopardize Israel's security and international standing.U.S.-Israel relations may also face new pressures. With the Democratic Party controlling Congress, there may be pressure on Israel through hearings, oversight investigations, and budget measures. Previously, there had been a shift within the Democratic Party regarding support for Israel's military actions and U.S. aid, a trend exacerbated by the military actions jointly launched by Trump and Netanyahu against Iran. Meanwhile, Israeli President Isaac Herzog plans to meet with representatives from various parties on Wednesday and Thursday to initiate the process of forming a new government. Netanyahu currently remains in office as caretaker Prime Minister.

On November 3 local time, voting for the U.S. midterm elections continued. U.S. President Trump stated that if the Democrats made progress in this election and gained control of Congress, he might force the Democrats to reach a bipartisan agreement by exercising presidential veto power. Trump said in an interview, "Historically, you just need to exercise the veto power for a few months in a row, and then they will come to you and say, 'We have to reach an agreement.'"Trump also stated that if the Democrats attempted to limit his power through Congress, he might further expand the use of executive power. In addition, Trump mentioned that he has done everything he can in the past few weeks to support Republican candidates across the country. He believes that his campaign has helped the Republican Party reverse the potential "blue wave" from the Democrats, making the election competition more intense.

In terms of the S&P 500, when the Republican Party controls Congress, 65% of respondents expect the U.S. stock market to accelerate or maintain its current pace of growth over the next 12 months (with an average monthly increase of about 1.3% this year); when the Democratic Party controls Congress and during a split Congress, this proportion is 37% and 44%, respectively.In terms of bonds, a Democratic-controlled Congress is considered more favorable, with 53% of respondents expecting U.S. Treasury yields to decline at that time, while the proportions for a split Congress and Republican control are 36% and 26%, respectively.