Post-midterm shake-up: Stephen Miller named chief of staff, tech sells off

Democratic control of Congress clouds the CLARITY Act, while Gnosis Pay's breach, Brazil's Nubank pause, and China's Solana probe add pressure.

The Democratic sweep raises regulatory and investigation risk for crypto. The $TRUMP coin fell over 20%, and the Digital Chamber called Sherrod Brown's win the most consequential unfavorable result.

With Democrats winning Congress, the CLARITY Act is seen as likely dead and investigations into Trump's crypto ventures are planned. Some argue Trump's veto limits Democratic legislation and that crypto traded macro, not the bill.

Crypto voices split between calling the Democratic win bullish and urging the industry to decouple from the Trump administration.

Early results show Democrats overperforming, with Ossoff, Pappas, Booker, Shapiro and Pritzker called. Prediction markets price a Dem sweep at 91-97%, and surprising competitiveness appears in FL, SC and TX.

Exit polls show Trump approval at 38%, the lowest at a midterm in twenty years of polling. Turnout signals are mixed, and commentators and markets are positioning for a Democratic-leaning outcome.