Cryptocurrency punters are strongly betting on Sen. Chuck Schumer (D-N.Y.) and Hakeem Jeffries (D-N.Y.) taking top leadership roles in Congress after Democrats won both the Senate and House in the midterms.

Schumer to Return as Senate Majority Leader?

Polygon (CRYPTO: POL)-based Polymarket gives Schumer, currently the Senate minority leader, an 81% chance of becoming Senate majority leader.

Schumer served as the Senate majority leader from January 2021 to January 2025.

The Senate Majority Leader is chosen through an internal vote by the members of the majority party's conference or caucus. The majority leader determines the floor schedule, calls bills up from the calendar and manages the day-to-day legislative program.

Jeffries Nears Historic First

Similarly, odds that Jeffries, currently House Minority Leader, becomes next House Speaker has risen to 95%. If the odds hold, the New Yorker would make history as the nation's first Black Speaker of the House.

The Speaker is the presiding officer and administrative head of the lower chamber of the U.S. Congress.

Interestingly, outgoing Rep. Nancy Pelosi (D-Calif.) also backed Jeffries as the next Speaker of the House.

Blue Sweep in Midterms

Democrats won control of both the Senate and House, securing victories in several traditionally Republican areas in a major setback for President Donald Trump and the GOP.

Trump acknowledged that the Iran conflict contributed to Republican losses but maintained that he had no regrets about launching the military campaign earlier this year.