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US Midterm Elections: 3 Issues the Crypto Industry Is Watching

The US midterm elections held on November 3 could reshape the crypto regulatory agenda in Washington. As voters choose new members of Congress, the industry is watching three issues: the future of the CLARITY bill, key Senate races and possible congressional investigations into crypto companies. Results are not yet in. Current expectations give Democrats an edge in the House of Representatives, while the Senate race remains less certain.With President Donald Trump still in office, the balance of power in Congress could shift. That shift could affect how quickly digital asset regulation moves forward and on what terms.Why the congressional majority matters for cryptoAll 435 seats in the House of Representatives and 35 Senate seats are up for election. Before the vote, Republicans held the Senate with 53 seats to 47. Democrats need a net gain of four seats to win a majority.The party that controls Congress sets committee agendas as well as deciding which bills move forward. If Democrats win a majority in either chamber, they could step up oversight of the administration and industry representatives. If they also win the Senate, they would have more say over senior appointments. Trump will keep his veto power.For crypto companies, the winner alone will not decide the outcome. The size of the new majority, committee chairmanships and the parties’ capacity for compromise will also shape the direction of regulation.CLARITY stalled in the Senate before the electionOne of the industry’s biggest hopes is comprehensive federal rules for the digital asset market. But on September 15, the Senate failed to secure the support needed to advance the CLARITY bill. In the procedural vote, 50 senators backed the bill while 49 voted against it. The bill fell short of the 60-vote threshold needed to move forward. All Democrats and some Republicans voted against it. As a result, the regulation the industry has long awaited was left on hold ahead of the election.According to the Congressional Research Service’s review of the September draft, the bill gives the CFTC the lead role in the digital commodity market. The SEC keeps its authority over certain asset sales. The draft also covers crypto intermediaries, exchanges, decentralized finance and self-custody wallets.The debate is not limited to which agency will be in charge. Registration requirements for companies, disclosures to investors and the rules for different business models are also on the table. Even if Republicans keep their majority, the bill’s passage is not guaranteed. The September vote showed that even the current Republican majority could not muster enough support. If Democrats gain ground, the industry may need to seek broader consensus on a new text.The Ohio race and the industry’s election spendingThe Senate race in Ohio is one of the contests the crypto industry is watching most closely. Republican Senator Jon Husted is running against former Democratic Senator Sherrod Brown. Brown previously chaired the Senate Banking Committee, so financial and crypto companies are closely watching his possible return.The crypto industry has spent about $176 million across more than 100 races this election cycle. Its main backers include Coinbase, Ripple and Andreessen Horowitz. The industry aims to build a network in Congress that will keep its influence after Trump leaves office.The support is not going only to Republicans. According to an AP report from early October, Fairshake released a list backing 19 Republican and 13 Democratic candidates in House races. The list shows that crypto companies weigh candidates’ views on industry regulation alongside their party affiliation.Congressional investigations and price expectationsIf Democrats win a majority, crypto ventures linked to Trump and his family could face closer scrutiny. Reuters reported that Democrats are preparing to investigate possible conflicts of interest in these ties. Such a process could create new legal and political uncertainty for the companies involved.Still, that possibility will not affect the entire crypto market in the same way. According to analysts, the election’s main impact may show up in the pace of legislation rather than in prices. That makes it hard to read either party’s victory as a clear bullish or bearish signal for Bitcoin.The first results will start coming in during the early hours of November 4, Turkey time. Polls in Ohio close at 03:30. Counting may take longer in close races. The US Election Assistance Commission notes that results announced on election night are unofficial until certification is complete.For the crypto market, the first thing to watch will be the seat count in both chambers. After that, committee leadership and any new compromise on CLARITY will shape Washington’s regulatory timeline.

Nov 3, 2026

Binance Reopens Withdrawals for 56 Tokens on Ethereum and Solana

Binance has expanded the list of crypto assets available for withdrawal on the Ethereum and Solana networks. According to the exchange’s November 3 update, users can now withdraw tokens including LINK, SHIB, ENA and ONDO on Ethereum, alongside PUMP, RENDER, BONK and TRUMP on Solana. The company said it would gradually restore withdrawals for additional assets and networks as security checks are completed.The latest list forms part of the phased reopening following the security incident. Withdrawal availability depends on the specific combination of token and network.Which assets are available for withdrawal on Ethereum and Solana?According to Binance’s official announcement, withdrawals have resumed for the following tokens on Ethereum: ENA, USDE, PENDLE, WLD, QNT, SHIB, ZRO, FET, NIL, ONDO, ALT, SKY, LINK, ETHFI, REZ, JASMY, PUNDIX, BTC, BAT, STRK, POL, ANIME, LSK, RE, BREV, RLC, AMP, PLUME, BLUR, WBETH, ZBT, ENSO, AVA and TUSD.The Solana list includes USD1, PUMP, FDUSD, BMT, RENDER, RAY, TRUMP, MET, PENGU, JUP, PYTH, BONK, KMNO, BNSOL, ORCA, WIF, W, HUMA, JTO, IO, 2Z and BOME.In the same update, the exchange noted that withdrawals for RLUSD, USD1, TUSD, FDUSD and XUSD on Ethereum had already resumed. Since TUSD appears in both Ethereum lists, not every token in the latest announcement represents a newly restored withdrawal option.The update confirms withdrawal availability for each token on the network listed. A token becoming available for withdrawal on Ethereum does not establish whether withdrawals are also available on another network.Withdrawals reopen as security checks are completedIn its sixth recovery announcement, Binance said the next phase would begin on November 3 at 04:00 UTC. The company noted that the listed assets would not all become available simultaneously. Each network and asset combination would undergo separate security and operational readiness checks.The exchange said it had set priorities based on user demand over the previous week. The latest Ethereum and Solana announcement clarified which parts of that plan had been implemented.The broader plan also includes BNB Smart Chain, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base. However, withdrawal availability has not been separately confirmed for every asset included in the plan.Binance advises users to check the relevant asset’s withdrawal screen or the network status page before initiating a transaction. The company said heavy traffic could cause temporary delays and longer processing times. Users can retry unsuccessful withdrawal requests after a short wait.Deposits remain available and are unaffected by the phased reopening of withdrawals.The initial reopening began on November 1Binance launched the first phase of its withdrawal restoration process on November 1. The initial list included BTC on the Bitcoin network; ETH, USDT and USDC on Ethereum; and SOL, USDT and USDC on Solana.The company said it had assessed the affected infrastructure, conducted security reviews and checked operational readiness before restoring services. The latest update expands withdrawal options beyond the core assets included in the initial reopening.Binance plans to expand reserve verificationIn its November 2 statement, the exchange said it had covered approximately 95% of the affected amount using its own resources. The remaining portion consists of less liquid tokens. Binance said acquiring these assets in the required quantities was taking longer.The same statement announced the completion of the zero-knowledge proof for the October 31 reserve snapshot covering BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Users can independently verify that their balances in these ten assets are backed at least one-to-one.The exchange scheduled its next reserve snapshot for November 4 and plans to include additional tokens. It estimates that generating the new proof will take approximately 30–40 hours.

Nov 3, 2026

North Korea Denies Involvement in $6 Billion Binance Hack

North Korea has denied allegations that it was behind the Binance attack, the largest cryptocurrency theft on record. Blockchain analytics firms and the FBI had attributed the attack, which involved more than $6 billion, to North Korean hackers.According to Yonhap News Agency, citing state news agency KCNA, Kim Yo-jong, the sister of North Korean leader Kim Jong-un, criticized the FBI’s attribution of the attack to the TraderTraitor group. Kim called the accusation a “serious political provocation” and accused Washington of misleading international opinion by portraying cybercrimes worldwide as the work of North Korea.Kim said the FBI was attempting to brand her country a “cybercriminal state.” She recalled that the United States had also attributed last year’s Bybit hack to North Korea, dismissing the allegations as absurd and a repetition of earlier claims.North Korea also conducted a strategic cruise missile test following the statement.The attack lasted approximately 20 minutesAccording to TRM Labs, the attacker drained approximately $6.36 billion from Binance wallets across 10 blockchains in around 20 minutes on October 29. The amount was roughly four times the $1.5 billion stolen in the February 2025 Bybit hack.TRM said preparations began at least 36 hours before the attack and that the operator’s wallet received funding through Tornado Cash. The attacker first tested the malicious code on three wallets.On Ethereum, the attacker used the EIP-7702 standard to turn a Binance hot wallet into a sweeper wallet under their control. To do so, the attacker prepared 50 signed authorizations in advance.Following the attack, Tether froze approximately $1.77 billion in USDT, while Circle froze around $825 million in USDC.FBI lists more than 600 addressesThree firms, including TRM Labs, linked the attack to North Korea. Over the weekend, the FBI also confirmed that North Korea was behind the theft.The FBI said the state-sponsored TraderTraitor group, active since at least 2020, had converted the stolen assets primarily into Ether. Its advisory listed 608 Ethereum addresses, 19 Bitcoin addresses and one Solana address.The FBI urged a wide range of services, from THORChain node operators to DeFi platforms, to block transactions linked to these addresses. According to analyst SomaXBT, the hackers laundered approximately $242 million through the Tron network in the first two days.The FBI had also attributed the February 2025 Bybit attack to TraderTraitor.Binance replaces 95% of affected assetsBinance published its first proof-of-reserves report following the attack on Monday. The exchange said it had replaced approximately 95% of the affected assets using its own funds.Binance also announced that it would gradually reopen withdrawals for additional assets and networks.

Nov 3, 2026

Strategy Resumes Bitcoin Purchases After a One-Week Pause

Michael Saylor’s Strategy has resumed its Bitcoin purchases after a one-week pause. The company bought another 810 BTC, bringing its total holdings to 849,327 BTC. This marks the highest level the company has reached to date.Strategy spent approximately $65.5 million on the latest purchase. The average purchase price came in just under $81,000. During the same period, the company also repurchased $208.2 million of STRC preferred shares.Saylor announced the purchase on XSaylor announced the purchase on Monday via his X account. According to the post, the company held 849,327 BTC and $4.9 billion in USD assets as of November 1. Saylor’s message put the purchase at 811 BTC. However, compared with the 848,517 BTC the company reported the previous week, the net increase amounts to 810 BTC.Ahead of the purchase, Saylor shared his customary orange chart on Sunday. The note he added to the chart, “We found room for even more orange,” was read by the market as a signal of a new purchase.Funding came from MSTR salesThe company raised approximately $164 million by selling 1.18 million MSTR shares. Close to $100 million of that amount was allocated to its USD reserve. Strategy’s USD reserve currently stands at around $4.8 billion. The company also holds $132.7 million in cash.Last week, the focus was on STRCStrategy did not buy any Bitcoin the previous week. That week, the company spent $204.9 million to repurchase 2.07 million STRC shares. These purchases brought the two-week buyback total to approximately $398 million.The STRC price also recovered during this period. The stock is currently trading less than 1% below its $100 par value. In October, Strategy also raised the limit of its digital credit securities repurchase program from $2 billion to $3 billion.Record profit and CFO departureStrategy reported net income of $19.5 billion for the third quarter. Most of the profit came from accounting gains on its Bitcoin holdings. Meanwhile, the company’s long-serving CFO, Andrew Kang, announced that he will step down on November 5.With the latest purchase, Strategy now holds more than 4% of the total Bitcoin supply. Bitcoin was trading at around $77,800. That price was roughly 3% above the company’s most recently disclosed average cost.

Nov 2, 2026

Bitcoin ETFs Shed $643 Million in Biggest Outflow in 4 Months

U.S. spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, October 30. The withdrawals, which followed the attack on Binance, marked the largest daily outflow since June 25. Spot Ethereum ETFs also saw $155.9 million in outflows that day.According to SoSoValue data, Bitcoin funds ended the week of October 30 with total net outflows of $202.6 million. Ethereum funds recorded $431.5 million in weekly net outflows.The figures show that selling pressure intensified across investment products tied to both assets at the end of the week. However, the daily and weekly totals reveal different patterns for Bitcoin and Ethereum funds.Outflows accelerate across Bitcoin and Ethereum fundsFriday’s outflows from Bitcoin ETFs exceeded the entire week’s net outflows by more than three times. The difference indicates that the funds attracted approximately $440.7 million in combined net inflows over the other four trading days. Friday’s selling erased those gains and pushed the weekly balance into negative territory.For Ethereum ETFs, weekly outflows exceeded Friday’s total. The $155.9 million withdrawn on Friday marked the largest daily outflow since October 7. The weekly total of $431.5 million shows that Ethereum funds also experienced net outflows across the other trading days combined.The two fund groups recorded combined net outflows of $799.2 million on Friday. Their combined weekly net outflows totaled $634.1 million.Binance attack weighs on risk appetiteThe ETF outflows coincided with an attack on Binance involving approximately $6.3 billion. The FBI attributed the October 29 theft to TraderTraitor, a North Korea-linked hacking group. The agency also said the attackers had primarily converted the stolen assets into Ethereum.Fund movements at Binance remain under scrutiny following the exchange’s reopening of withdrawals. According to a November 2 Reuters report, a company spokesperson said net outflows had reached $4.72 billion since Sunday morning. Binance said withdrawal volumes had begun to decline and stabilize after the initial surge.Exchange withdrawals and ETF outflows reflect different types of activity. Exchange customers can move assets to other platforms or personal wallets, while ETF figures track net flows into and out of those investment products. Combining the two figures to calculate the total amount of money leaving the crypto market could therefore be misleading.How do analysts interpret the scale of outflows?ViaBTC Chief Analyst Jeff Ko linked the ETF outflows to a shock to investor sentiment. Ko noted that spot ETFs hold their underlying Bitcoin with regulated custodians, emphasizing that investors have no direct exposure to Binance.Laevitas Head of Markets Rick Maeda also compared the withdrawals with the funds’ overall size. Based on the $98.14 billion in total net assets cited in the report, Friday’s Bitcoin ETF outflows represented approximately 0.66% of assets.Maeda interpreted the scale of the withdrawals as investors reducing risk. However, the outflows’ share of total assets alone does not indicate how fund demand will develop in the coming days.ETF demand remains in focus this weekAnalysts expect investors to remain cautious in the near term. According to Zeus Research analyst Dominick John, a sustained recovery in ETF inflows will require greater market stability, improved liquidity and stronger investor confidence.Updates on Binance’s services and the security investigation will remain among the developments markets watch this week. The U.S. midterm elections could also influence expectations for how crypto legislation progresses through Congress.Friday’s reversal of the net inflows recorded earlier in the week highlighted Bitcoin ETF demand’s sensitivity to news developments. Data from the coming trading sessions will show whether demand strengthens again following the latest withdrawals.

Nov 2, 2026

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