Analysis: The probability of the Republican Party winning the election is increasing, which could pave the way for a cryptocurrency bill

According to BlockBeats, on October 29th, analysts from financial services company Presto stated that as Trump's lead over Harris on Polymarket continues to expand, the likelihood of the Republican Party winning a big victory on this decentralized prediction platform is also increasing, which increases the possibility of cryptocurrency related bills passing through Congress. On Polymarket, the Republican Party's chances of winning the presidency, Senate, and House of Representatives after next week's election have reached 48%, up from 28% at the beginning of this month. Presto analysts Peter Chung and Min Jung stated on Tuesday that this result will give political parties that primarily support cryptocurrency greater control over legislation and US policy agendas, potentially resolving regulatory uncertainties that hinder the development of the industry. Among the more than 50 proposed encryption bills, six (including the FIT21 encryption market structure bill aimed at regulating the entire industry) have been passed in the House of Representatives and are currently awaiting approval from the Democratic controlled Senate. Analysts point out that the last three game winning streak for the Republican Party occurred during Trump's first term, before he switched to supporting cryptocurrency, but only lasted for two years until the Democratic Party regained control of the House of Representatives in 2018.