Crypto asset manager Grayscale said Wednesday that the industry’s future depends less on Washington than on overseas demand and adoption by major financial institutions, brushing off Democrats’ sweep of the U.S. midterm elections.

The view contrasts with the outlook in Washington. Democrats’ wins in the House and Senate threaten to complicate President Donald Trump’s crypto legislative agenda, and the industry’s main market-structure bill may have to be restarted when the new Congress convenes. Grayscale and BlackRock (NYSE: $BLK), the world’s largest asset manager, both argue the business can keep growing regardless.

“The movement toward greater regulatory clarity and institutional adoption of digital…