Polymarket, a crypto-based prediction market, indicates that Republicans are likely to maintain control of the House of Representatives after election results. As of November 6, 2024, 'Democratic' shares were trading at just 1 cent, suggesting only a 1% chance of Democrats reclaiming the chamber. This shift points to a 99% probability of GOP victory. Despite early assessments predicting a Democratic hold, market sentiments shifted within 24 hours. Republicans also secured at least 52 Senate seats, achieving a trifecta that includes the White House and both congressional chambers. This scenario may facilitate comprehensive crypto legislation, a pressing request from the industry for clearer regulations on digital assets. Contrastingly, SEC Chairman Gary Gensler has maintained that existing laws are sufficient. Polymarket's house contract, with a smaller trading volume than the presidential market, shows the dynamics of prediction markets as effective forecasting tools compared to traditional polls, as evidenced by Trump’s recent victory, which contradicted prevailing polls.

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