According to BlockBeats, on October 29, analysts from financial services company Presto indicated that as former President Trump’s lead over Harris continues to grow on Polymarket, the likelihood of a Republican victory on this decentralized prediction platform is also increasing. This development raises the chances of crypto-related bills passing in Congress.
On Polymarket, the probability of Republicans winning the presidency, Senate, and House of Representatives after next week’s election has reached 48%, up from 28% earlier this month. Presto analysts Peter Chung and Min Jung stated on Tuesday that such an outcome would give the crypto-supporting party greater control over legislation and the U.S. policy agenda, potentially addressing the regulatory uncertainties hindering the industry’s growth.
Among the more than 50 proposed crypto bills, six, including the comprehensive crypto market structure bill 'FIT21,' have already passed the House and are currently awaiting approval from the Democrat-controlled Senate. Analysts noted that the last time Republicans achieved a trifecta was during Trump’s first term, before he became a crypto supporter, but it only lasted two years until Democrats regained the House in 2018.
