According to the source, Democrats’ odds to win control of the U.S. House have improved and Rep. Maxine Waters criticized SEC Chair Gary Gensler’s approach to crypto, source: the source. A House majority controls committee leadership, so a Democratic flip would likely return Waters to lead the House Financial Services Committee that oversees the SEC’s agenda, source: U.S. House Committee on Financial Services. The SEC’s enforcement and rulemaking directly affect crypto market structure, token classifications, and exchange operations, which can influence liquidity and pricing for major assets, source: U.S. Securities and Exchange Commission. For trading, monitor BTC and ETH implied volatility and skew on CME around policy headlines, as CME is a primary U.S.-regulated venue for crypto derivatives and provides reference options metrics, source: CME Group. Track stablecoin market depth and spreads in USD and USDT pairs to assess potential liquidity shifts during U.S. policy news windows, source: Kaiko.