Former New York Governor Says Crypto Regulation Could Be Overturned If Democrats Win Congress

Former New York Governor and OKX board member Andrew Cuomo stated that if the Democrats win Congress in the midterm elections, the current regulatory progress in the crypto industry could be overturned. He pointed out that the ad hoc rules set by regulators are much weaker than legislation and emphasized that "regulation is not legislation." The Senate rejected the CLARITY Act, which aimed to establish federal rules for the crypto market, with a vote of 49 in favor and 50 against on September 15, 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 scrutinize such agency rules closely and hopes that a lame-duck Congress will pass relevant legislation before January 1 next year.

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