Andrew Cuomo: If the Democratic Party Wins the Congressional Election, Current Crypto Regulations May Become Invalid

Techub News reports that Andrew Cuomo, a board member of OKX and former governor of New York, stated in an interview with Bloomberg that current U.S. cryptocurrency regulations rely on temporary rules from agencies like the SEC rather than legislation. He pointed out that if the Democratic Party wins control of Congress in the midterm elections, these agency rules could be overturned, as the new Congress could challenge them.

Cuomo said that election-year politics led to the rejection of the CLARITY Act in the Senate with a vote of 49 to 50, failing to reach the 60 votes needed for advancement. He hopes the lame-duck Congress (post-election session) will pass the bill, otherwise he hopes it will be submitted for consideration before January 1.

Cuomo believes that the Democratic Party is not inherently opposed to cryptocurrency, as he supervised the introduction of New York's BitLicense in 2015. However, he also criticized the cryptocurrency industry for failing to organize tens of millions of American users to support the bill. (BeInCrypto)