On November 4, the results of the 2026 U.S. midterm elections became largely clear: Democrats had retaken both chambers of Congress, leaving the Trump administration facing a divided Congress.
Andy, chief analyst at Huobi HTX, believes the biggest change is not market conditions, but weaker expectations for regulatory legislation. The stablecoin bill that has already passed is unlikely to be easily reversed, but advancing market structure legislation such as the CLARITY Act will become significantly more difficult. Over the next two years, the industry will have to rely more on administrative regulatory reforms by the SEC and CFTC.
This matters more than a “short-term bearish outlook.” Once legislation is enacted, the next administration will also find it difficult to overturn; administrative policy can change with a new chair, so policy certainty is actually declining. As for the two opposing effects—partisan gridlock limiting fiscal stimulus and dampening risk appetite, while fiscal constraints also push Treasury yields lower—it’s impossible to calculate how much they offset each other. I agree that the election results are not the key variable driving this market cycle. Next, we should watch the Federal Reserve, ETF flows, and U.S. stocks.
#美国中期选举 #加密监管 #CLARITY Act
Andy, chief analyst at Huobi HTX, believes the biggest change is not market conditions, but weaker expectations for regulatory legislation. The stablecoin bill that has already passed is unlikely to be easily reversed, but advancing market structure legislation such as the CLARITY Act will become significantly more difficult. Over the next two years, the industry will have to rely more on administrative regulatory reforms by the SEC and CFTC.
This matters more than a “short-term bearish outlook.” Once legislation is enacted, the next administration will also find it difficult to overturn; administrative policy can change with a new chair, so policy certainty is actually declining. As for the two opposing effects—partisan gridlock limiting fiscal stimulus and dampening risk appetite, while fiscal constraints also push Treasury yields lower—it’s impossible to calculate how much they offset each other. I agree that the election results are not the key variable driving this market cycle. Next, we should watch the Federal Reserve, ETF flows, and U.S. stocks.
#美国中期选举 #加密监管 #CLARITY Act