Democrats could steer the debate on cryptocurrency away from market structure legislation and toward oversight and investigations if they win a majority this November, potentially complicating the industry’s top priority.

The makeup of the 120th Congress could determine whether lawmakers continue to push for industry-backed legislation, or instead pivot to scrutinizing crypto’s big players, practices, and investors — including President Donald Trump.

Though some Democrats say the Clarity Act is needed to ensure clear rules of the road for crypto, it’s unlikely to be at the top of their agenda if they retake control.

Rep. Maxine Waters (Calif.), Sen. Elizabeth …