Crypto Hopes Hit by Democratic Wins in Midterms

Bitcoin briefly slipped to $76,000 on election night before climbing back above $78,000 as results came in. Spot Bitcoin ETFs saw $115.56 million in outflows on November 3, reflecting quick investor caution.

The biggest upset came in Ohio, where Sherrod Brown reclaimed his Senate seat. Fairshake, backed by Coinbase and Ripple, had spent over $45 million trying to unseat him. Brown, a former banking committee chair, is known for opposing crypto-friendly rules.

That outcome effectively kills momentum for the CLARITY Act. The bill failed to reach 60 votes in September and now faces an even steeper path with Democrats in control. Any new attempt will have to start from scratch after January 3.

Regulators are unlikely to pause while waiting for fresh legislation, according to White House crypto adviser Patrick Witt. The industry now faces months of uncertainty with its key allies weakened.

Based on information from cryptonews.net