Woke up to a very different Washington. Democrats are projected to win both chambers of Congress in the midterms, with NBC projections pointing to 51 Senate seats and roughly 244 House seats. $BTC reacted right away: it was close to $78K late Tuesday, then slid to about $75.7K as the first returns came in, according to CoinDesk. It has bounced a bit since and is trading around $78K.
Why it matters to me: the CLARITY Act, the bill meant to split crypto assets between securities and commodities, was already blocked by Democrats in September. With a Senate like this, the path to 60 votes looks much narrower. On top of that, the new House Oversight chair has promised to look into the Trump family's crypto ventures, so expect noisy headlines.
My take: this is a slower road for crypto laws, not the end of the industry. A lot of clarity can still come through SEC and CFTC rules. I'm watching whether $BTC holds the $75K area and how ETF flows look after two days of outflows above $1B. What's your read on this?
Why it matters to me: the CLARITY Act, the bill meant to split crypto assets between securities and commodities, was already blocked by Democrats in September. With a Senate like this, the path to 60 votes looks much narrower. On top of that, the new House Oversight chair has promised to look into the Trump family's crypto ventures, so expect noisy headlines.
My take: this is a slower road for crypto laws, not the end of the industry. A lot of clarity can still come through SEC and CFTC rules. I'm watching whether $BTC holds the $75K area and how ETF flows look after two days of outflows above $1B. What's your read on this?