Constitutional limits on federal authority over elections remain the primary driver behind the 91% trader consensus against nationalization by year-end. The U.S. Constitution assigns states responsibility for the times, places, and manner of federal elections, a structure reinforced by multiple court rulings striking down Trump administration executive orders on voter rolls, mail ballots, and oversight mechanisms. The Supreme Court has already blocked key efforts, and Senate Republicans have publicly resisted broader federal takeovers. While the president has reiterated calls for greater involvement and allies have urged emergency declarations ahead of the midterms, no qualifying legislation or sustained executive action creating direct federal administrative control has advanced. These institutional and legal barriers continue to outweigh rhetorical pressure in shaping market probabilities.