Democrats have taken control of both the House and Senate. For crypto, Grayscale’s broader point still holds: the industry’s structural drivers extend beyond one election cycle. • Bipartisan: crypto ownership and legislative support span both parties • Global: most crypto activity takes place outside the U.S. • Institutional: stablecoins, tokenization, and crypto ETPs are already embedded across major financial firms The election changes the policy backdrop in Washington, but the longer-term adoption trend remains broader than the composition of Congress.