This week’s midterm elections saw Democrats gain control of both New Jersey and Virginia governor seats, but this outcome did not shift the trajectory for future federal crypto legislation. While Republicans retained control of both the House and Senate, the timeline for crypto bills remains dependent on negotiations within the Senate Banking Committee. The GENIUS Act stablecoin framework has been implemented with bipartisan support, while the broader CLARITY Act market-structure package is awaiting a decisive vote in the Senate. Further delay might be expected due to the need for cross-party agreement and potential Democratic reservations over certain DeFi language. Despite these challenges, bipartisan efforts continue, including Senators Lummis and Gillibrand’s collaborative work on anti-illicit finance legislation and continued discussions regarding market-structure bills. The path forward remains uncertain as it hinges on resolving technical conflicts between various legislative drafts before a breakthrough can occur.