Grayscale: The development of the crypto industry does not depend on Washington; a Democratic victory will hardly change the long-term growth trend.

Grayscale research head Zach Pandl said the crypto industry's growth is not dependent on Washington after Democrats won the U.S. midterm elections and secured control of both congressional chambers. Pandl argued the sector's cross-partisan, global and institutional nature means it will not stall on election outcomes, citing Grayscale's estimate that 80%–85% of global crypto activity occurs outside the U.S., though the figure is illustrative and some metrics cover all of North America. BlackRock digital assets head Robert Mitchnick said before the results that the election had "little impact" on its product launches and fund inflows, since bitcoin and ether already have most of the regulatory clarity needed for investment products. The remarks signal that major issuers see U.S. policy shifts as secondary to structural adoption trends.