U.S. midterm elections. Predictive markets favor Democrats in key crypto-related races. Record activity on Kalshi and Polymarket. Bets have approached $1.9 billion. Democrats’ chances of taking control of Congress: ~75%. Memory of the Brazil misjudgment has tempered overconfidence. Ohio: Sherrod Brown at ~72% odds. If Democrats control the Senate, he could become chair of the Agriculture Committee overseeing the CFTC—hindering favorable regulation for the industry. Maine: Troy Jackson at ~71% odds. Pro-crypto Democrat leading over Susan Collins. A potential new ally in the Senate. U.S. recession by end of 2027: ~35% probability if Democrats fully control Congress; 19% without such a scenario. Markets give Democrats a 75% chance of controlling Congress. How will this impact crypto regulation and the market in the coming months?