Crypto's Washington hopes fade, but Grayscale and BlackRock see growth ahead

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The asset manager says global demand and institutional adoption will sustain the industry despite a political setback, while BlackRock sees little impact on its crypto business. Grayscale is brushing off Democrats' sweeping victory in the U.S. midterm elections, arguing that crypto's future depends less on Washington than on growing demand overseas and adoption by major financial institutions. The crypto asset manager told CoinDesk after Tuesday's vote that the industry's progress extends beyond any single administration or Congress, even as Democrats' victories in the House and Senate threaten to complicate President Donald Trump's crypto legislative agenda. “The GENIUS Act was a major step forward for stablecoins, but the movement toward greater regulatory clarity and institutional adoption of digital assets has much deeper foundations than the efforts of the last Congress,” the firm’s head of research, Zach Pandl, told CoinDesk in emailed comments. The response followed a…

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