Former New York Governor: If Democrats win Congress, crypto regulatory progress may be overturned

BlockBeats news, September 30: Former New York Governor and OKX director Andrew Cuomo stated that if the Democratic Party wins 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 on September 15 rejected the CLARITY Act, which aimed to establish federal rules for the crypto market, in a 49-50 vote, falling short of the 60-vote threshold; the SEC on September 17 granted a five-year exemption for tokenized stock trading. Andrew Cuomo expects the new Congress to scrutinize such agency rules strictly and hopes that the lame-duck Congress or before January 1 next year will pass relevant legislation.