A sweep of the executive and legislative branches by either Democrats or Republicans in the November election could spell more risk to crypto assets, according to TD Cowen. "Divided government is the best possible outcome for financial firms, housing and crypto as we believe there would be bipartisan legislative and regulatory agreements that could survive future political changes," TD Cowen's Jaret Seiberg wrote in a note Monday. "If Biden wins, a Republican Senate could limit his ability to put aggressive regulators in power," Seiberg added. "Trump would likely have a GOP Senate, but House Democrats could block his legislative agenda. Republican politicians have tended to hold more crypto-friendly views, but the digital currency industry maintains that crypto is a nonpartisan issue.

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Persons: TD Cowen, Jaret Seiberg, Seiberg, Trump, Donald Trump, Biden, Biden's, Gary Gensler, Gensler, Michael Bloom Organizations: Republicans, Biden, Republican, GOP Senate, Innovation, Technology, Republican Senate, TD Cowen's Washington Research Group, SEC, Securities and Exchange Commission Locations: Washington