ChainCatcher reported that according to Coindesk, Citigroup (C) said in a research report on Wednesday that a Republican sweep in the upcoming US election would be the most favorable outcome for Coinbase and the broader cryptocurrency market, while Harris' victory and the split in Congress could lead to more uncertainty in the digital asset industry.

Analysts led by Peter Christiansen wrote: “The Trump/Vance combination has publicly supported digital asset reform, and Republican control of the Senate will be critical to passing bills such as FIT21 and confirming pro-crypto agency leaders. With both houses of Congress aligned, the pace of digital asset reform is likely to accelerate.”

However, a Republican win in the Senate and a Democratic victory in the House of Representatives would still be positive for Coinbase and the cryptocurrency market, the report said. The U.S. election will be held on November 5, and the results will be announced on November 8.