For nearly two years, Wall Street firms and startups have enjoyed a sweeping deregulatory agenda from President Donald Trump that relaxed post-financial crisis rules and boosted nascent industries.

Trump administration officials and regulators made broad changes with little pushback from a GOP-controlled Congress. But Democrats’ victory on Tuesday immediately upends how Washington treats Wall Street.

From crypto to prediction markets and private credit, Democrats have no shortage of targets as they prepare to take over both the House and Senate in January.

“The biggest powers we will have will be what we can discover through oversight and what we can do through the appropriations process,” Representative Sean Casten said in an October interview with Bloomberg News. Casten is vying to be the top Democrat on the House Financial Services Committee, a feat that would mean ousting long-time Representative Maxine Waters from a role she has held since 2013.

Waters is still considered a favorite for the powerful role while Massachusetts Democrat Elizabeth Warren is a top contender to lead the Senate Banking Committee. Here are some of the financial areas that Democrats may focus on on next year: The alternative assets industry is set to get more attention, though it’s unclear yet whether that will manifest in just hearings, potentially including private credit executives, or an even greater level of congressional action. That industry has drawn scrutiny for imposing withdrawal limits on certain funds.

Warren has called on the Treasury Department and other financial regulators to conduct more stress testing of the private credit market.

Waters has also questioned a Labor Department proposal giving private credit and crypto more access to retirement savings plans. That plan is widely considered a win for Wall Street and would potentially open up opportunities for firms like Blackstone Inc. and Apollo Global Management Inc.

Amanda Fischer, chief operating officer and policy director at Better Markets, said previously if there is a macro event involving matters like private credit or artificial intelligence, then Democrats on the House Financial Services Committee or the Senate Banking Committee would be all over the issue.

Top Democrats have also been critical of Trump-era proposals that would ease how much capital lenders must hold as a buffer against potential losses, saying the plans could “increase the likelihood of big bank failures and subsequent taxpayer bailouts.”While some proponents say those efforts are necessary to boost economic growth and increase competitiveness, critics argue the changes could allow banks to take on more risk and threaten financial stability.

Warren, who currently serves as the top Democrat on the Senate Banking Committee, has also called on the Justice Department to open a criminal investigation into Bank of America Corp. and its executives after the Wall Street lending giant admitted it violated federal anti-money-laundering laws.

The bank was fined more than $1.21 billion by US regulators last month and said at the time that it has worked with regulators on financial crime compliance.

Democrats are likely to press regulators and companies about the prediction market industry, which has rocked the sports betting world and spurred a legal fight with states that could end up at the US Supreme Court.

With crypto skeptic Sherrod Brown returning to the Senate, there’s a possibility he may take a leading role on a key committee overseeing financial regulators. The Senate Banking Committee oversees regulators like the Securities and Exchange Commission with the Senate Agriculture Committee overseeing the Commodity Futures Trading Commission.

The CFTC has surged to prominence thanks to its embrace of digital assets and the explosion of prediction markets trading it oversees. Trump has backed the CFTC as the sole regulator of prediction markets, which allow customers to bet on just about anything. Donald Trump Jr. is also a supporter of the industry, serving as an adviser to both Kalshi and Polymarket.

“Our platform is an institutional-grade exchange with strong market integrity and customer protection programs,” Polymarket said in a statement before control of Congress was called on Tuesday. “We welcome the opportunity to work with lawmakers on both sides of the aisle to help regulate and realize the full potential of prediction markets.”Kalshi declined to comment.

Republican Representative James Comer, who currently chairs the House Oversight Committee, already has been investigating allegations of insider trading on the platforms but it is unclear how that probe might evolve with Democrats in charge of the panel next year. Both Kalshi and Polymarket have said they are opposed to insider trading and send tips to law enforcement and federal regulators.

The CFTC hasn’t had any congressional oversight hearings recently, so Democrats could be eager for an intense look into not only the industry but also the regulator’s interactions with it.

Many crypto industry players are skeptical the next Congress will take up fresh digital asset market structure legislation after the so-called Clarity Act failed to get through the US Senate. Instead, lawmakers appear poised to focus on ethics questions surrounding the industry’s connections with Trump and his family’s various ventures, after the president reported a $1.4 billion crypto windfall that became a key roadblock for the landmark bill.

Separately, the record $6.3 billion hack of Binance, one of the world’ largest crypto exchanges, could also provide a case for broad hearings on digital asset cybersecurity and consumer protections in the space.

The artificial intelligence industry’s financing arrangements have already garnered scrutiny, as circular deals between technology manufacturers and startups prompt concerns.

With companies like Anthropic PBC looking to go public in the near future, lawmakers have already called for the AI industry to be more transparent about the potential risks they might pose to broader financial stability should they experience any financial or operational turbulence.

Warren has flagged potential AI-linked risks to the insurance industry. Cybersecurity is also sure to be another focus as Wall Street firms rush to bolster their defenses as AI models expose weaknesses.

Attempts to regulate the AI industry could be one of the rare points for bipartisan legislation in the next Congress, said Peter Dugas, a former Treasury Department official and founder of the Regulatory Intelligence Group, a financial services consulting firm.

“The government has to address those things one way or another before it leads to a potential financial crisis,” he said last month.

Ongoing investigations by the House Oversight Committee into the financial services industry’s ties to convicted sex offender Jeffrey Epstein will likely continue with Democrats. The issue has been bipartisan.

Lawmakers have already sent numerous letters to Wall Street firms seeking details of their relationships with Epstein and other individuals in his orbit. Democrats also introduced legislation to force regulators to disclose financial records related to Epstein and his associates.

Shortly after Democrats were projected to win the House on Tuesday evening, Representative Robert Garcia released a statement saying he would become chairman of the panel in the next Congress. His office touted his work in several areas, including on the so-called Epstein files. “Lawyer up,” he said.