Grayscale and BlackRock downplay the impact of the US midter
On November 4, 2026, executives from Grayscale and BlackRock said that Democrats winning control of both chambers of the U.S. Congress could delay crypto legislation but would not significantly change the industry's long-term trend. Grayscale said about 80% to 85% of crypto activity occurs outside the United States; BlackRock said the election has limited impact on its crypto product issuance and fund flows.
Event Timeline
- [11-04 23:07] Grayscale and BlackRock play down the impact of the U.S. midterm elections, believing global demand and institutional adoption will continue to drive crypto industry development (Wu Shuo)
- [11-04 23:59] U.S. midterm election results will not change the crypto industry growth trend; Grayscale and BlackRock both value overseas demand and institutional adoption (Odaily Planet Daily)
Background and Impact
On November 4, 2026, Wu Shuo and Odaily Planet Daily reported one after another that Zach Pandl, Head of Research at Grayscale, and Robert Mitchnick, Head of Digital Assets at BlackRock, gave their judgments on the U.S. midterm election results. Both sources mentioned that Democrats winning control of both chambers of the U.S. Congress could bring resistance to the crypto industry at the legislative level; but the two institutions believe this will not significantly change the long-term development trend of digital assets.
Pandl's core basis is the geographic distribution of demand. He estimated that about 80% to 85% of global crypto activity occurs outside the United States, demand for U.S. dollar stablecoins in South America and Southeast Asia is growing, and continued participation by traditional financial institutions also provides support. He cited companies such as Visa, Mastercard, and Stripe expanding stablecoin businesses, and BlackRock, Franklin Templeton, and JPMorgan have also launched tokenized investment funds. Odaily's report added that Pandl said the GENIUS Act is an important development in the stablecoin field, but regulatory clarity and institutional adoption have a deeper foundation.
BlackRock's perspective is closer to the product side. Mitchnick said the U.S. midterm election results are not expected to have an obvious impact on its crypto product issuance and fund flows, and BTC- and ETH-related investment products already have a relatively clear regulatory basis. Odaily's wording was that the election has limited impact on BlackRock's crypto business, and Bitcoin and Ethereum already have most of the regulatory clarity required for investment products. The two wordings are not completely consistent: one is “a relatively clear regulatory basis,” the other is “most of the regulatory clarity”; but they point to the same thing, namely that the compliance framework for existing products is relatively established, and election results are not the main variable.
From the impact perspective, the statements of the two firms shift the focus of observation from Washington's legislative agenda to two threads: overseas demand and institutional adoption: the pace of policy advancement may slow due to changes in congressional control, but businesses such as stablecoin payments and tokenized funds are still driven by commercial institutions' own pace. For retail users, entry information such as Huobi HTX registration and app download, Zhima Gate.io registration and app download, Bitget registration and app download, Binance registration and app download, and Ouyi OKX registration and app download is still frequently searched content; but the above executive statements discuss the industry's long-term trend and product regulatory basis