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Flash

Galaxy Research Director: Key cryptocurrency legislation is unlikely to make substantial progress after the Democratic Party's victory

Galaxy Research Director Alex Thorn stated that after the Democratic Party won both houses of the U.S. Congress, significant progress in key digital asset legislation is still expected to be difficult, and the leadership of congressional committees will also change. He mentioned that Elizabeth Warren may become the chair of the Senate Banking Committee, while Maxine Waters is expected to regain control of the House Financial Services Committee.Several Republican lawmakers who support the crypto industry were defeated, but the pro-crypto camp did not suffer a complete loss. According to Stand With Crypto, 19 pro-crypto senators and 226 pro-crypto representatives have been elected. Tracking by Molly White shows that in 12 highly competitive elections, the side supported by crypto and AI political action committees lost 9, but won all in the safer 40 elections.Reports indicate that House Democrats are discussing expanding Waters' previously proposed "Crypto Investor Consumer Rights Act" into a broader crypto market structure bill. Thorn reiterated that no substantial progress is expected in Congress on key digital asset legislation. In the absence of legislation, the SEC, CFTC, and banking regulators have clarified crypto rules within their existing statutory authority, and the Trump administration still has two years to continue advancing related work.

Google Q3 holdings are out: continues to increase its position in the top holding SpaceX, Qualcomm has newly become the sixth largest holding

Alphabet, Google's parent company, submitted its 13F report for the third quarter of 2026 to the SEC, showing that as of September 30, the total market value of reported holdings was approximately $88.3 billion, a decrease of 10.9% from about $99.1 billion in the previous quarter. During the quarter, four new stock positions were added, one was increased, three were reduced, and three were completely sold off, with the top ten holdings accounting for 99.48% of the total.SpaceX continues to hold the top position. Alphabet holds approximately 555.04 million shares, with a market value of about $83.734 billion at the end of the period, representing 94.78% of the reported portfolio; this is an increase of about 3.8541 million shares, with an increase rate of 0.70%. Although the portfolio weight decreased from 95.05% to 94.78%, the number of shares actually increased. Qualcomm is the main new disclosure for this season, with Alphabet holding approximately 2.977 million shares at the end of the period, valued at about $548 million, accounting for 0.62% of the portfolio, directly becoming the sixth largest holding.Among other major holdings, the Chicago Mercantile Exchange (CME), Planet Labs, and Arm ranked second to fourth, with end-of-period market values of approximately $913 million, $578 million, and $568 million, respectively, with the number of shares remaining consistent with the previous quarter. Revolution Medicines ranked fifth, with an end-of-period market value of approximately $549 million, having reduced its holdings by 9.25% during the quarter. AST SpaceMobile had an end-of-period holding market value of approximately $526 million, with the number of shares unchanged. In addition to Qualcomm, other newly disclosed targets include Neutron Holdings, the parent company of Lime, Freenome, and Obsidian Therapeutics, with end-of-period market values of approximately $53.4934 million, $31.8486 million, and $16.8175 million, respectively. The total market value of the four new holdings is approximately $650 million, with Qualcomm accounting for about 84.3% of that.In terms of reductions, Freshworks saw a decrease of 1.87 million shares, a drop of 11.54%; Ethos Technologies saw a decrease of approximately 3.0507 million shares, a drop of 84.21%, leaving approximately 571,900 shares at the end of the period, valued at about $19.1989 million. Due to the highly concentrated nature of the reported portfolio, the changes in total market value at the end of the period were also affected by fluctuations in the prices of core holdings, with a decrease of approximately $10.8 billion in market value not equating to an equivalent amount of capital withdrawal.
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