Some are warning that U.S. cryptocurrency regulation could be jolted by the outcome of the next election.

Cointelegraph, a blockchain media outlet, reported on Oct. 6 that former New York Governor Andrew Cuomo (앤드루 쿠오모) argued that Congress should quickly draw up bipartisan digital asset legislation that can be maintained even if political power changes hands.

The key issue is that the foundation of current U.S. crypto regulation leans more heavily on administrative actions by federal regulators than on congressional legislation. Cuomo noted that the Clarity Act, which passed the U.S. House of Representatives in 2025, aimed to create a nationwide regulatory framework for digital assets and delineate the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Senate failed to advance the bill in September, and a final bill to be sent to the president has not yet been prepared.

Amid that vacuum, the SEC and the CFTC are accelerating the introduction of new rules. Cuomo viewed the two agencies as significantly reshaping market structure by pursuing separate regulatory regimes for crypto trading platforms and some crypto assets. He said such regulation could create new market opportunities in the short term, but argued the current system lacks durability because it relies on existing legal authority without a market structure law enacted by Congress.

Cuomo also raised political risks. He argued these rules are politically vulnerable from the outset because they were adopted despite opposition in Congress. "Companies should not have to guess whether today's rules will remain after the next election," he said. "They should not decide whether to invest in the United States and expand their businesses based on which party controls Washington," he added.

He stressed that agency actions could be constrained if the balance of power in Congress shifts after the midterm elections. Citing prediction markets and recent election trends, Cuomo mentioned the possibility that Democrats could take control of the Senate or both chambers, and said the power of Congress to shake or block executive branch actions should not be underestimated. He said Congress has many tools at its disposal, including reviewing new rules, limiting budgets, using the Congressional Review Act, and conducting investigations and issuing subpoenas.

He cited his experience working at the Department of Housing and Urban Development during the Clinton administration, saying the department's authority was sharply constrained after Republicans took control of both chambers of Congress following the 1994 midterm elections. Oversight intensified, budgets became a tool of pressure and Congress used every available means to check the administration, he explained. Cuomo said if such a situation is repeated, crypto regulation could also become a target of political wrangling.

From a market perspective, he said uncertainty is the biggest problem. Cuomo assessed that after the Clarity Act fell through, "ambiguity came to dominate". "This is not good for businesses, investors, consumers or the United States," he said. He argued standards must be clear on what is legal and what is prohibited, who oversees what and how rules are enforced.

He also offered comparisons with other jurisdictions. He said other countries provide predictability by putting regulatory frameworks in place first, such as the European Union's Markets in Crypto-Assets regulation and Singapore's Payment Services Act. He said the United States should not allow political deadlock to determine the direction of financial innovation.

Cuomo accordingly presented bipartisan legislation as the top priority for the next Congress. He argued the next Congress should set political confrontation aside, even briefly, and pass a bill authorising digital asset activity. That would allow companies to invest and build businesses in the United States more safely and rationally, he said.

It should also be noted that this article is an opinion piece by Cuomo. Cuomo is currently a board member of OKX and also serves as co-chair of OKXICE, a joint venture between OKX and Intercontinental Exchange. Against that backdrop, his argument is seen as another example of industry calls for the U.S. crypto market to shift from a regulator-led system to one centred on congressional legislation.