[Huobi HTX Chief Analyst Andy: "Divided Congress" Should Not Be Overly Pessimistic; Midterm Elections Not the Core Variable for Crypto Market] The results of the 2026 US midterm elections are largely clear, with the Democrats regaining control of both the House and Senate, leading to a "divided Congress" for the Trump administration. Regarding the potential impact of this outcome on the crypto industry, Huobi HTX Chief Analyst Andy believes the biggest change is a weakening expectation of regulatory legislation. Passed stablecoin bills are unlikely to be easily reversed, and long-term trends such as stablecoin payments and RWA remain. However, the progress of market structure legislation such as the CLARITY Act has significantly increased. In the next two years, the industry will rely more on administrative regulatory reforms by the SEC and CFTC than on congressional legislative breakthroughs. This means that policy certainty in the crypto industry has decreased, and some projects relying on expectations of regulatory easing may face valuation adjustments. The market outlook is slightly bearish in the short term, but excessive pessimism is not advisable.