Former New York Governor: If Democrats Win Congress, Crypto Regulatory Progress Could Be Overturned

Odaily reports: Former New York Governor and OKX board member Andrew Cuomo stated that if Democrats win Congress in the midterm elections, the current regulatory progress in the crypto industry could be overturned. He said that stopgap rules formulated by regulators are far more fragile than legislation, and emphasized that "regulation is not legislation."

Previously, the Senate voted 49-50 on September 15 to reject the CLARITY Act, which would establish federal rules for the crypto market, falling short of the 60-vote threshold; the SEC granted a five-year exemption for tokenized stock trading on September 17. Andrew Cuomo expects the new Congress to scrutinize such agency rules strictly and hopes that the lame-duck Congress or legislation will be passed before January 1 next year.