“Divided government is likely the most important outcome for crypto because we believe it is what produces a bipartisan regulatory structure that will remain intact regardless of what happens in the next election,” he wrote in a note to TD Cowen clients. In this ended session, the Senate had been (barely) controlled by the Democratic Party, and the House had a very slim majority in the House of Representatives, leaving the two chambers divided. Crypto legislation made it through the House for the first time, but made no real progress in the Senate. If so, then a carefully negotiated compromise is necessary.