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Galaxy Research Director: Key cryptocurrency legislation is unlikely to make substantial progress after the Democratic Party's victory

Galaxy Research Director Alex Thorn stated that after the Democratic Party won both houses of the U.S. Congress, significant progress in key digital asset legislation is still expected to be difficult, and the leadership of congressional committees will also change. He mentioned that Elizabeth Warren may become the chair of the Senate Banking Committee, while Maxine Waters is expected to regain control of the House Financial Services Committee.Several Republican lawmakers who support the crypto industry were defeated, but the pro-crypto camp did not suffer a complete loss. According to Stand With Crypto, 19 pro-crypto senators and 226 pro-crypto representatives have been elected. Tracking by Molly White shows that in 12 highly competitive elections, the side supported by crypto and AI political action committees lost 9, but won all in the safer 40 elections.Reports indicate that House Democrats are discussing expanding Waters' previously proposed "Crypto Investor Consumer Rights Act" into a broader crypto market structure bill. Thorn reiterated that no substantial progress is expected in Congress on key digital asset legislation. In the absence of legislation, the SEC, CFTC, and banking regulators have clarified crypto rules within their existing statutory authority, and the Trump administration still has two years to continue advancing related work.

The Democratic Party's sweeping victory in Congress raises concerns about AI regulation, leading to a sell-off in U.S. tech stocks

After the Democratic Party won the midterm elections, U.S. stocks surged significantly on Wednesday, but as investors continued to pull out of tech stocks for the second consecutive trading day, the Nasdaq Composite Index plummeted on Thursday. The tech-heavy Nasdaq fell by 3.3%, and the S&P 500 Index dropped by 1.9%. The Dow Jones Industrial Average decreased by 489 points, a decline of 0.9%. Although stocks like Chevron and Johnson & Johnson rose, it was not enough to offset the drag on the Dow from the tech stock sell-off. AI-related stocks, especially those in the chip industry and data centers, fell for the second day in a row.According to Gate market data, AMD (AMD.O) fell by 12%, Micron Technology (MU.O) dropped by 9%, SK Hynix (SKHY.O) decreased by 8.8%, and Nvidia (NVDA.O) fell by 5%. The Philadelphia Semiconductor Index plummeted by 8%, reaching a new low since April 20. The Nasdaq Composite Index has dropped more than 10% from its closing record high set on October 6.Investors are concerned that the Democratic Party controlling both houses of Congress and winning key gubernatorial elections may lead to more regulation of AI infrastructure development across the United States.Jordan Watson, portfolio manager at Tandem Investment Advisors, stated that the stock market surge and the trend of funds pulling out of AI stocks may only be a temporary phenomenon. However, as investors digest the election results and their potential policy impacts, the market may face more volatility.

All-In discusses the Democratic Party's victory, estimating a 10 to 15 GW power supply delay

On the night of the U.S. midterm elections, the Silicon Valley podcast All-In held a live broadcast where several tech investors discussed the potential impact of the Democratic Party's victory on the AI industry. Host Chamath Palihapitiya stated that AI investment has become an important pillar of U.S. economic growth, and the construction of data centers heavily relies on power supply. If the Democrats restrict the construction of new data centers in places like Texas, the entire AI industry could be affected. Host Jason Calacanis suggested that the tech industry, which had previously actively supported Trump, should now proactively engage with the Democrats to collaborate on AI regulatory policies. He also believed that the tech community's repeated warnings about AI potentially leading to human extinction and massive unemployment have exacerbated public fear of AI.All-In regular guest and founder of Altimeter Capital, Brad Gerstner, believes that many Democratic winners simply hope to have more say in AI regulation and do not intend to completely halt AI. He estimates that the power capacity for new data centers in the U.S., originally planned for 2027, may see 10 to 15GW unable to be operational on time. He remains optimistic about the growth of AI model companies and stated that as an existing investor in Anthropic, even if data center construction is hindered, Altimeter still hopes to be one of the largest buyers at the time of Anthropic's IPO.

NVIDIA's stock price rose, and the demand for AI chips was not affected by the Democratic Party's victory

Despite the possibility that the Democratic Party may push for stricter restrictions on data center construction after winning the election, Nvidia's stock price still rose on Wednesday. This is because the positive performance reported by major companies in the chip industry indicates that market concerns about delays in data center construction have not immediately affected Nvidia and other hardware companies.Customers are still rushing to stockpile artificial intelligence hardware, even though it is currently uncertain whether there will be suitable locations to install these devices in the future. The defeat of Republican governors in Texas and Ohio in the election means that the construction of artificial intelligence infrastructure will face stricter scrutiny.Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, wrote in a research report: "Increased oversight from Congress does not necessarily hinder the artificial intelligence investment cycle. Comprehensive federal-level restrictions will face legislative and presidential power constraints, while state and local regulations will still have a greater impact on the timing and location of data center construction." If Democratic politicians indeed push for stringent measures to limit the construction of artificial intelligence data centers, Nvidia will face greater challenges in the future.However, the market is currently more focused on signs that chip demand remains strong after the stock's recent weak performance.

Gate held a VIP exclusive reception for the F1 Singapore Grand Prix, witnessing Verstappen's pole position victory alongside guests

From October 9 to 11, Gate, as the official sponsor and long-term partner of the F1 Red Bull Racing Team, hosted a VIP exclusive hospitality event during the 2026 F1 Singapore Grand Prix, inviting dozens of global VIP clients, core partners, and special guests to experience the unique charm of top-level motorsport. During the event, Red Bull Racing driver Max Verstappen started from pole position and ultimately won the race, achieving Pole to Win, while invited guests witnessed this exciting moment and shared in the joy of victory.This VIP hospitality event combined race viewing, premium reception, and exclusive brand experiences, providing invited guests with F1 Paddock Club luxury box viewing and brand interaction experiences. The Gate brand logo appeared in several key locations, including the rear wing, front wing, driver helmets, and race suits of the Red Bull Racing cars, showcasing the depth of the collaboration between the two parties. Previously, Gate had invited Red Bull Racing drivers Max Verstappen and Isack Hadjar to participate in a driver meet-and-greet and exclusive handprint ceremony during the TOKEN2049 event in Singapore, and hosted VIP private events to further enrich the forms of collaboration.From the TOKEN2049 international industry event to the F1 Singapore Grand Prix, Gate deeply integrates global top-tier event resources with high-end customer experiences, deepening its strategic cooperation and global partnership with the Red Bull Racing Team, expanding brand international influence, and promoting the integration of Web3 with mainstream culture.
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