[Huobi HTX Chief Analyst: "Divided Congress" Should Not Be Overly Pessimistic; Midterm Elections Not the Core Variable for Crypto Market] On November 4th, the results of the 2026 US midterm elections were 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, Andy, Chief Analyst at Huobi HTX, believes the biggest change is a weakening expectation of regulatory legislation. While passed stablecoin bills are unlikely to be easily reversed, and long-term trends such as stablecoin payments and RWA remain, the difficulty of advancing 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 unwarranted. On the one hand, the Democrats' full control of Congress may limit Trump's ability to further expand fiscal stimulus, lowering risk appetite for tech stocks and crypto assets. On the other hand, limited fiscal expansion may also push down US Treasury yields, creating room for improved liquidity. The election results are not the core variable determining the direction of this market trend. Once political uncertainty dissipates, market focus will return to Federal Reserve policy, ETF fund flows, and the performance of US stocks. In the short term, caution is advised regarding volatility and leverage liquidation, while in the medium term, improved liquidity leading to valuation repair, and sectors with genuine demand such as stablecoins and RWA, warrant attention.