Constitutional structure and state-level administration of U.S. elections remain the dominant factors behind the 89% trader consensus against nationalization. Federal authority over ballot access, voting procedures, and certification is limited by longstanding precedent, requiring either new legislation or a constitutional amendment that faces steep congressional and judicial barriers. No executive orders, agency directives, or confirmed legislative proposals from the current administration have advanced federal control of elections in recent months. Attention has instead centered on immigration enforcement, regulatory changes, and confirmation processes. Absent major shifts in congressional majorities or court rulings altering jurisdiction, the market pricing aligns with historical patterns where such structural reforms have not materialized.