**Constitutional structure and repeated court setbacks explain traders’ strong consensus against full nationalization of elections.** Article I, Section 4 assigns states primary authority over the “times, places, and manner” of federal elections, with Congress holding limited override power and the executive branch restricted to enforcement. President Trump’s February 2026 calls for Republicans to “nationalize” or “take over” voting in multiple states prompted executive orders on citizenship verification and U.S. Postal Service screening of mail ballots, yet federal judges and the Supreme Court blocked key provisions—including the mail-ballot restrictions—shortly before the 2026 midterms. Justice Department demands for detailed state voter data have also produced mostly adverse rulings. Ongoing agency actions on eligibility lists and investigations continue without achieving centralized federal control, consistent with historical precedent and structural barriers that have kept election administration decentralized.