Former New York governor says U.S. crypto rules need congressional action

Former New York Gov. Andrew Cuomo said lasting U.S. cryptocurrency regulation will require congressional legislation rather than action by regulators, according to BeInCrypto. Cuomo, who currently serves as an OKX director, said in an interview with Bloomberg that regulation is not law and that temporary rules put in place by regulatory agencies could be reviewed again by a new Congress. Cuomo added that the recent failure to advance the Clarity Act was driven less by an inability to narrow bipartisan differences than by the political environment ahead of the election, and said lawmakers should take up the bill again within the year or, failing that, by Jan. 1.