Constitutional limits on federal authority over elections remain the primary driver of the 89% trader consensus against nationalization. The U.S. Constitution assigns primary responsibility for election administration to the states under Article I, Section 4, with Congress holding limited oversight power. President Trump's February 2026 comments urging Republicans to "take over" voting in select states, along with reports of a draft executive order invoking national emergency powers, prompted immediate pushback from legal scholars, state officials including some Republicans, and courts emphasizing the absence of unilateral presidential authority. Subsequent efforts have focused on legislation such as proof-of-citizenship requirements rather than direct federal takeover. No actions in the ensuing months have altered these structural barriers ahead of the 2026 midterms.