During the Trump era, crypto was in a safe window; If the Democrats make a comeback, crypto will face severe crackdowns and retaliatory regulations. That would be the real death cycle. The Warren faction is pushing an anti-crypto bill, and they've even drafted it already: **Digital Asset Anti-Money Laundering Act (DAAML)**. If the Democrats return to power, this bill will 100% move forward. Key points: - Significantly strengthen crypto compliance - Ban anonymous wallets - Require miners and nodes to implement KYC - Centralized regulation of stablecoins - Ban certain chains from trading with the U.S. This is basically cutting off 70% of crypto's lifeline.