At a Glance
- Crypto groups spent over $50 million against Sherrod Brown in Ohio
- 10 governors’ races will shape $2.5 trillion in planned AI investment
- Democrats plan to probe financial firms if they win a chamber
- Card swipe fees are a rare issue that unites both parties
A few razor-thin races could reshape crypto rules, credit card fees and the AI building boom.
Wall Street is watching the midterms for a lot more than control of Congress. A handful of close races will decide who holds power over crypto, banks and AI spending.
Key Details
Ohio: Democrat Sherrod Brown, a veteran Wall Street critic and crypto skeptic, wants his Senate seat back from Republican Jon Husted. With seniority from his 18 earlier years, he could lead the Banking Committee if Democrats take the Senate.
Kansas: Republican Roger Marshall backs a cap on swipe fees, which banks hate. Democrat Adam Hamilton leads narrowly in a recent poll.
Texas: Democrat James Talarico leads Republican Ken Paxton by 2 to 8 points. Paxton has sued Wall Street firms over climate and diversity policies.
Nebraska: Republican Pete Ricketts, a crypto-friendly Banking Committee member, faces independent Dan Osborn in a toss-up. Osborn calls swipe fees a “scam.”
Why It Matters
A Democratic win in either chamber would give the party tools to probe financial companies and their regulators. Meanwhile, state and local officials control data center permits. Beacon Policy Advisors flags Texas, Georgia and Ohio as the most competitive governor races.
What to Watch Next
Keep an eye on Ohio and Texas first. Then check the governor races in Pennsylvania, Nevada, Wisconsin and Michigan, which Morgan Stanley also flagged. In the House, watch French Hill’s tight race for the Financial Services Committee chair.
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Source: Reuters
