Former New York Governor: If the Democratic Party wins Congress, progress on cryptocurrency regulation may be overturned

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 cryptocurrency industry may be overturned. He noted that the ad hoc rules set by regulators are much weaker than legislation and emphasized that "regulation is not legislation."

Previously, on September 15, the Senate voted 49 in favor and 50 against to veto the CLARITY Act, which aimed to establish federal rules for the cryptocurrency market, failing to reach 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 closely scrutinize such agency rules and hopes that the lame-duck Congress will pass relevant legislation before January 1 of next year.