[Grayscale and BlackRock: US Midterm Election Results Won't Change Crypto Industry Growth Trend] According to CoinDesk, despite the Democratic victory in the US midterm elections, Grayscale believes the future of the crypto industry depends more on overseas demand and institutional adoption than on Washington. Zach Pandl, head of research at Grayscale, stated that the GENIUS Act is a significant development for stablecoins, but regulatory clarity and institutional adoption have a deeper foundation. He previously estimated that 80% to 85% of global crypto activity occurs outside the US, noting the growing demand for USD-denominated stablecoins in South America and Southeast Asia. Robert Mitchnick, head of digital assets at BlackRock, also downplayed the impact of the election on his crypto business, stating that Bitcoin and Ethereum already possess most of the regulatory clarity required for investment products.