Recent U.S.-backed talks between Venezuela’s interim government under acting President Delcy Rodríguez and opposition factions have focused on reforming the Supreme Tribunal of Justice by mid-December 2026 and then the National Electoral Council, steps that would precede a formal declaration of presidential vacancy. That declaration would trigger a constitutional six-month window for a presidential vote, aligning with opposition calls for 2027 balloting led by figures such as María Corina Machado. Negotiations resumed in November with no election calendar announced to date, and institutional overhaul remains a prerequisite before any scheduling. Trader sentiment reflects the sequenced institutional timeline and absence of a firm announcement, while upcoming committee deadlines and further dialogue rounds could influence the pace toward a declared date.