Election uncertainty may put market certainty on the back burner

In Friday’s Roundup, Jason Yanowitz said he doesn’t think we’ll see the markets “rip” until potentially January or even February

article-image

Blockworks co-founder Jason Yanowitz | Permissionless III by Mike Lawrence for Blockworks

share


This is a segment from the Empire newsletter. To read full editions, subscribe.


Hold your horses.

While some folks around crypto think we could see the bullish rally take off after we get the election results, Empire’s Jason Yanowitz isn’t so sure. 

In Friday’s Roundup, he said that he doesn’t think we see the markets “rip” until potentially January or even February. 

“There could be more uncertainty” in November and December, he added, pointing out that he thinks the election results could be close.

“Both sides are already prepping for an all-out war to contest the election,” Yanowitz said. Last election, it took the Associated Press, for example, until Saturday, Nov. 7 to declare a winner. If there’s uncertainty, then it puts the market certainty on the back burner, he pointed out.

And now you know.

Loading Tweet..

Exchanges, NFTs, and now…gaming. 

Those are just some of the areas of crypto that’ve been targeted by the Securities and Exchange Commission. 

Immutable, last night, said it was “frustrated” to disclose the receipt of a Wells notice from the SEC. 

Now I know I’ve said this before, but a Wells notice doesn’t mean that a lawsuit is imminent, but it serves as a warning that an investigation has been conducted. 

Admittedly, the lawsuit odds for crypto companies are pretty high, but I will point out that we’re still waiting for the other shoe to drop against both Robinhood and Uniswap after their respective Wells notices arrived last spring.

Immutable believes that the notice is targeting both the listing and private sales of its token, IMX, back in 2021. However, the notice doesn’t specify what the SEC is looking at. 

“Prior to the issuance of a Wells notice, there are often multiple months of interviews and conversations between company counsel and the SEC, so the SEC can fully understand the situation. Instead, in our very first interaction with the SEC, we were told a Wells notice would be issued to the company within the week. We then received it within hours,” Immutable said. It further said that there were “fewer than 20 words of material explanation” about the investigation.

Whether or not the SEC is really pulling the punches right before the election is hard to assert, but one thing’s for certain: the SEC isn’t ready to turn down the heat on the crypto sector and we could continue to see more Wells notices and settlements into a potential bull market run.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

EtherFi, the largest liquid restaking protocol, is repositioning itself as a consumer-facing crypto neobank. Beyond staking, it is building a revenue mix around cards, vaults, and trading, aiming to capture sustainable front-end economics in DeFi. The shift highlights EtherFi’s ambition to expand from infrastructure into a full financial platform.

article-image

Legion’s reputation-based fundraising will expand through Kraken Launch, offering compliant and transparent token sales to global investors

by Blockworks /
article-image

Blockchain protocol introduces XPL token and zero-fee transfers as it targets global stablecoin adoption

by Blockworks /
article-image

With rate cuts priced in and deeper liquidity, it’s not surprising to see certain speculative assets getting a bid

article-image

Lending giant is moving to ERC‑4626 share accounting and preparing to shutter underperforming networks, with 86% of revenue on Ethereum mainnet

article-image

The payments firm introduces a USDC-based app on Stellar, aiming to modernize remittances in volatile currency markets

by Blockworks /
article-image

MarginFi fixed a flaw that could have let attackers borrow funds without repayment

by Blockworks /