what the fuck! The real trouble in the encryption industry has come! This midterm election may see the encryption clear bill stillborn! Many friends may not realize the seriousness of the situation. If the Clear Encryption Act really cannot pass, don't even think about the bull market in 2026! The reason is simple Institutions cannot do it fiercely. The trading platform dare not fully expand. The project team dare not let go. Big funds will not raise the valuation of the entire industry. It can be said that the Clear Encryption Act is the last hope for the whole village now Without institutional dividends, it is difficult to emerge from a truly respectable main rise. To be more serious, it may even repeat the bear market tragedy of 2022. And the most dangerous part of this midterm election is here: The clear encryption bill may not survive until the final vote. 1 Many people think that American legislation is too simplistic. It's not that if there are enough lawmakers who support encryption, the bill can pass. The encryption clarity bill needs to go through the committee first. The most lethal power of the committee chairman is not to vote against. I won't give you the process directly. No hearing will be held. Not subject to review. Not scheduling. The bill can silently die inside. This is the real risk. 2 So the focus of this midterm election is not on 'how many people support encryption'. The key is who holds the gavel. If the Democratic Party overturns the House of Representatives, the House Financial Services Committee is likely to return to Maxine Waters' hands. If the Senate loses again, the voice of the Banking Committee will further lean towards Elizabeth Warren. What attitude do these two people have towards encryption? No need to explain. The question is not whether they will come out and curse. But as long as the process is in their hands, the bill may not even reach the stage of open war. Directly crush to the front. 3 The most frustrating point is: There are actually people in the Democratic Party who support encryption. And it's not too little. But it's not as useful as you think. Having support does not mean having power. Having tickets does not mean having a process. Someone willing to vote in favor at the end does not mean someone can push the bill to the final vote. Many Democratic lawmakers who support encryption are not even in the most critical positions. That's the problem. You have chips in your hand. But the banker won't let you sit at the table. 4 So what's really scary about this midterm election is not who is more anti encryption. The encryption industry will enter a very disgusting state: Everyone knows about this legislation. The market also knows the need for clear rules. There is not a complete lack of consensus between the two parties. But it just can't be pushed. There is no bill. Not without support. The process was strangled first. This is called stillbirth. 5 My judgment is very direct: The biggest risk for the cryptocurrency industry in this midterm election is not short-term volatility. Will the encryption clarity bill die in the committee. If he really dies here, of course he can still stir fry after 2026. There will also be demon coins. There may also be local market trends. There may also be short-term skyrockets. But if you want a market with systematic entry of institutional funds, an upward shift in the valuation center of the entire industry, and a truly bull market level, the difficulty will suddenly increase. To put it simply: Negative news is not scary. Clear opposition is not scary either. The scariest thing is that the bill should have been passed, but ended up dying in the process. That's not a callback. That's welding the ceiling of the next stage of the entire industry first.