Democrats captured both chambers of Congress in the Nov. 3 midterm elections, a result that leaves the digital-asset industry facing a far less accommodating legislative landscape than the one it spent heavily to preserve, and one that analysts expect to weigh most heavily on tokens other than bitcoin.

The outcome followed an election cycle in which crypto-linked super PACs bankrolled largely by Coinbase and Ripple spent roughly $170 million supporting Republican candidates, according to a tally of industry spending. More than $55 million of that total went into a single Senate race in Ohio, where the industry sought to unseat Democratic Sen. Sherrod Brown, a longtime skeptic of digital assets, in favor of Republican Bernie Moreno….