The Democratic sweep of Congress closes the door on crypto market structure legislation like the Clarity Act for the next two years and may rule out any version the industry would support, TD Cowen told clients in a note published after the Associated Press called both chambers.

“We view this outcome as negative for our sectors,” Washington analyst Jaret Seiberg wrote. The caveat he has repeated all cycle still holds: the election “will not impact the ability of regulators to push their de-regulatory agendas,” and he expects the SEC and CFTC “to remain active including on crypto, prediction markets and perps.” 

The items he flags to watch are the lame-duck session,…

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