Grayscale: Crypto industry development does not depend on Washington; Democratic victory is unlikely to alter the long-term growth trend.

According to CoinDesk, following the Democrats' victory in the U.S. midterm elections and their control of both chambers of Congress, Zach Pandl, head of research at Grayscale, stated that the crypto industry's foundational strength runs deeper than during the previous Congress. The sector is characterized by cross-partisan support, globalization, and institutionalization, and will not stall due to election results. Grayscale previously estimated that 80%–85% of global crypto activity occurs outside the United States, though this figure was merely indicative, with some metrics encompassing all of North America. Prior to the announcement of election results, Robert Mitchnick, head of digital assets at BlackRock, stated that the election had "little impact" on product launches and capital inflows, as Bitcoin and Ethereum already possess most of the regulatory clarity required for investment products.