Former New York Governor and OKX director Andrew Cuomo warns that if the Democratic Party wins Congress in the midterm elections, the current regulatory progress in the cryptocurrency industry is at risk of being overturned. Andrew Cuomo told Bloomberg that regulatory agencies' ad hoc rules are far more fragile than legislation, and regulation is not legislation. On September 15th, the Senate rejected the CLARITY bill, which set federal rules for the cryptocurrency market, by a 49:50 vote, falling short of the 60 vote threshold. On September 17th, the SEC granted a five-year token stock trading exemption. Andrew Cuomo expects the new Congress to scrutinize the rules of such institutions, hoping that the lame duck Congress will pass the bill before January 1 next year, and criticizing the industry for failing to organize millions of cryptocurrency users to support the legislation. (Source: Bloomberg)
