Will the Democratic sweep cloud crypto market structure?

Bitcoin ETFs shed $430 million as a tech route hits crypto. And what does a Democratic Congress mean for the Clarity Act? This is CoinDesk Daily. Want trusted crypto research? Check out The Stack, Grayscale's blog. Visit grayscale.com slash the stack. U.S. spot Bitcoin ETFs saw $430 million in net outflows Thursday. Fidelity's FBTC led with roughly $200 million, followed by BlackRock's iBit at $105 million. That erased Wednesday's inflows and brings net redemptions for the week to nearly $870 million. The Nasdaq fell 5.5% and the S&P 500 dropped 4.3%. Analysts linked the sell-off to concerns that Democrats' midterm sweep could slow AI data center construction. Democrats have won control of both. Both chambers of Congress and industry experts say it could be the final blow for the Clarity Act. Analyst Maddie Greenspan called the sweep the final nail in the Clarity Act's coffin. The bill couldn't clear a procedural vote in September when Republicans controlled both chambers. That came despite roughly $170 million in crypto PACs spending this election cycle, at least $125 million of it going to Republicans. The fight between banks and crypto firms over stablecoin rewards was never settled, and Trump family crypto ties have given Democrats a reason to oppose the bill. Not everyone is writing it off, though. More than 70 House Democrats previously supported the bill, And some in the industry see room for a bipartisan version with strong And Injective rallied after Nasdaq approved the listing of Canary Capital's staked INJ ETF. The fund begins trading today under the ticker INJC. Get more updates on CoinDesk.com. Want trusted crypto research? Check out The Stack, Grayscale's blog. Visit grayscale.com slash the stack.