For the next two years, TD Cowen thinks so. In a note published after the Associated Press called both chambers of Congress for Democrats, Washington analyst Jaret Seiberg said the outcome closes the door on market structure legislation the crypto industry could support, Bitcoin Magazine reported. His reason is investigations: Democratic probes of the Trump family's crypto ventures, including World Liberty Financial, "may make it impossible to advance a version of Clarity that the crypto sector could back." The bill passed the House 294-134 in July 2025, failed a Senate cloture vote 49-50 on September 15, and dies when this Congress ends on January 3 unless the lame-duck session revives it. Seiberg also pointed to Sherrod Brown returning to the Senate from Ohio after about $64 million in industry money was spent against him, a result he says "damages the crypto industry's political clout." The regulatory path stays open in his view: the election "will not impact the ability of regulators to push their de-regulatory agendas," so he expects the SEC and CFTC to keep moving on crypto, prediction markets and perpetual futures without Congress. He named the CME lawsuit over the perps approval as the live threat to that route.