Andrew Cuomo, a member of the OKX board and former governor of New York, said current U.S. crypto oversight rests largely on agency rulemaking rather than legislation passed by Congress. In an interview with Bloomberg cited by Techub News, Cuomo said that if Democrats win control of Congress in the midterm elections, those rules could be vulnerable because a new Congress would be able to challenge them.
Cuomo also pointed to the fate of the CLARITY Act, saying election-year politics led to the bill being rejected in the Senate by a 49-50 vote, short of the 60 votes needed to move it forward. He said he hopes the measure can still pass during the lame-duck session after the election. Failing that, he wants it submitted for consideration before Jan. 1.
He added that Democrats are not inherently opposed to cryptocurrency and noted that he oversaw the launch of New York’s BitLicense in 2015. At the same time, Cuomo criticized the crypto industry for failing to organize tens of millions of American users to support the bill.
Andrew Cuomo, a member of the OKX board and former governor of New York, said current U.S. crypto regulation relies mainly on temporary rules from agencies such as the Securities and Exchange Commission rather than legislation.
Speaking to Bloomberg, Cuomo said those agency rules could be overturned if Democrats win control of Congress in the midterm elections, because a new Congress would be able to challenge them.
Cuomo points to CLARITY Act vote
Cuomo said election-year politics led to the CLARITY Act being rejected in the Senate by a 49-50 vote, below the 60 votes required to advance the bill.
He said he hopes the measure can pass during the lame-duck session after the election. If that does not happen, he wants it submitted for consideration before Jan. 1.
His view on Democrats and crypto
Cuomo said Democrats are not inherently against cryptocurrency. He also noted that he oversaw the launch of New York’s BitLicense in 2015.
He also criticized the crypto industry for failing to organize tens of millions of American users in support of the bill.
The remarks were cited by Techub News from a Bloomberg interview, with BeInCrypto named in the source note.
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