Cuomo Warns Crypto Regulation Fragile Amid Congressional Shift

Crypto regulation in the US may be more fragile than previously thought, according to Andrew Cuomo. The former New York Governor and current co-chair of OKX's joint venture with Intercontinental Exchange (ICE) warned that a new Congress could undo recent regulatory gains.

The Senate blocked the Clarity Act, a bill setting federal rules for crypto markets, on September 15th. Although regulators have continued to move forward, granting a five-year tokenized stock trading exemption, Cuomo believes agency rules are more vulnerable to challenge than legislation.

Cuomo cited election-year politics as a major factor in the bill's demise and expects a shift in Washington following the midterms. He hopes the lame-duck Congress will pass the bill before the new year, but acknowledges that a Democratic takeover of either chamber would make passage more difficult.