The United States risks having its emerging cryptocurrency rules reshaped by the next election unless Congress passes bipartisan legislation, former New York Governor Andrew M. Cuomo argues in an opinion article published by Cointelegraph.
Cuomo’s warning follows the failure of the CLARITY Act to advance in the Senate in September. The legislation was designed to establish a nationwide framework for digital assets, define the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and give companies, investors and consumers greater certainty about which rules apply.
The House of Representatives passed the bill in 2025, but Congress has not sent it to the president. In the meantime, the SEC and CFTC have moved ahead with new regulations, including proposals affecting crypto trading platforms and certain digital assets. Cuomo says those measures may create opportunities in the near term, but argues they are less durable because they were adopted under existing agency authority rather than through a market-structure law passed by Congress.
Why the regulatory framework is politically exposed
Cuomo’s central argument is that rules created by federal agencies without a new act of Congress may be easier for a future Congress to challenge, restrict or repeal. He says the measures are particularly vulnerable because they were adopted despite opposition from lawmakers.
The former governor links the issue to the US midterm elections. Prediction-market data cited in the opinion article gives Democrats a 64% chance of controlling the Senate. Cuomo says Democrats could control one or both chambers after the elections, although the article does not present that outcome as certain.
A change in congressional control could bring more oversight of the agencies and the administration responsible for the current approach. Cuomo draws on his experience in the Clinton administration at the Department of Housing and Urban Development, where he says the 1994 midterm elections gave Republicans control of both the House and Senate. In his account, that shift increased congressional oversight, made funding a source of leverage and constrained the department’s authority.
The article argues that a similar political dynamic could affect crypto regulation. A new congressional majority could scrutinize agency decisions, challenge their funding and seek to reverse rules it believes went beyond the executive branch’s authority. Cuomo also points to several formal mechanisms available to lawmakers:
- Congress can review proposed regulations before they take effect.
- Lawmakers can restrict funding for agency programs.
- Congress can pass legislation intended to override agency action.
- The Congressional Review Act can be used to repeal certain regulations.
- Investigations, subpoenas and public hearings can increase pressure on agencies and officials.
These tools do not automatically change the rules, but they could make the regulatory environment more uncertain for businesses operating in the US crypto market.
Cuomo calls for bipartisan legislation
Cuomo says the unresolved dispute is not whether digital assets will continue developing, but whether the US will provide a stable environment for that development. In his view, companies should not have to decide where to build, hire or invest based on which political party controls Washington after an election.
He argues that a durable framework should make clear what digital-asset activities are legal, what is prohibited, which regulator is responsible for each area and how the rules will be enforced. The broader goal, he says, is to support technological innovation while protecting consumers and investors, preventing illicit activity and preserving market integrity.
The opinion contrasts the US situation with regulatory efforts elsewhere. It cites the European Union’s Markets in Crypto-Assets, or MiCA, regulation and Singapore’s Payment Services Act as examples of jurisdictions that have established frameworks intended to provide greater regulatory certainty. Cuomo argues that political gridlock should not determine the future of financial innovation in the US.
His proposed answer is for the next Congress to make passage of bipartisan digital-asset legislation a priority. The CLARITY Act was intended to fill that role, but its failure to advance in the Senate has left the US without the national market-structure law Cuomo says companies and market participants need.
Cuomo served as New York governor from 2011 to 2021 and previously held positions as New York attorney general and US secretary of Housing and Urban Development. He currently serves on the board of OKX and co-chairs OKXICE, a joint venture between OKX and Intercontinental Exchange focused on tokenized and digitally native financial products.
Current market picture
Moneyiar market data at 10:19 a.m. on October 7, 2026, showed Polygon (prev. MATIC), now listed as POL, at $0.1027702721, down 6.78% over 24 hours and 10.87% over seven days. Lighter (LIT) stood at $3.6152261665, falling 7.7% in 24 hours and 6.65% over seven days.
At 10:18 a.m. on the same date, Nexus (NEX) was priced at $0.000000809, down 0.7% over 24 hours and 2.02% over seven days. These figures describe market movements at the stated times and do not establish a connection between those price changes and the US regulatory debate.
