According to CoinMeta, former New York Governor Andrew Cuomo warned that if Democrats win in Congress, the latest progress in US crypto regulation could be overturned. He pointed out that the new Congress has the power to challenge existing regulatory rules. Cuomo currently serves on the board of directors of the crypto exchange OKX and co-chairs a joint venture with Intercontinental Exchange (ICE). He stated that temporary regulations by regulatory agencies are more fragile than legislation, as current regulation relies on these agency rules. On September 15th, the Senate blocked the passage of the Clear Act, which aimed to establish federal rules for the crypto market, with a vote of 49 to 50. Cuomo believes that political factors during election years were responsible for the failure of the bill to pass, rather than irreconcilable differences. He expects Democrats to gain voter support in the midterms, although he also noted that political donations are not sufficient to drive legislation forward. Cuomo hopes to submit the bill to the new Congress by January 1st.