Democrats swept midterms. Crypto's DC honeymoon might be over.

The risk? Tougher regs incoming. More scrutiny on industry-Trump connections. The regulatory hammer could drop harder than expected.

Washington's mood is shifting. If you're long $BTC $ETH or any US-based projects, watch the political winds closely. Policy risk just went from yellow to orange.

The bull case relied on favorable US policy. That assumption is now in question.