With the election one month away, prediction markets Kalshi and Polymarket indicate Democrats are favored to flip both the House and Senate. The composition of the next Congress will directly determine regulatory oversight, future crypto legislation, and agency budget approvals for bodies including the SEC, CFTC, and Treasury Department. Lawmakers are expected to address market structure bills and tax legislation regardless of the election outcome. The House Ways and Means Committee passed a bipartisan crypto tax bill last month, while Senator Steve Daines introduced companion tax legislation in the Senate last week. Congressional control will shape how these efforts advance alongside ongoing agency rulemaking.