Grayscale and BlackRock executives said the outcome of US midterm elections will not alter the crypto industry's growth trajectory, emphasizing that institutional adoption and overseas demand carry more weight than Washington politics. Grayscale head of research Zach Pandl noted that 80% to 85% of global crypto activity takes place outside the United States, with growing demand for dollar stablecoins in South America and Southeast Asia. He called the GENIUS Act an important step forward for stablecoins but stressed that regulatory clarity and institutional adoption have deeper foundations beyond any single legislative milestone. BlackRock head of digital assets Robert Mitchnick similarly downplayed the election's impact on the firm's crypto business, stating that Bitcoin and Ethereum already possess most of the regulatory clarity needed for investment products. The Clarity Act failed to advance in September, and with Democrats set to take control of Congress in January, some executives believe the bill's current version has little chance of passing, though room remains for a revised bipartisan agreement.