Industry Executive Insight: Crypto Regulations May Take Years
Justin Slaughter, Paradigm's head of regulatory affairs, noted that even if the U.S. crypto market structure bill passes, the process of drafting detailed regulations and full implementation could take years.
The bill is currently under review by the Senate Banking Committee, while the Agriculture Committee's hearings have been postponed to January 27 next year.
A Lengthy Legislative Process
Slaughter highlighted that the bill includes as many as 45 separate rulemaking requirements. This process may extend beyond the current presidential term and likely carry into the next administration. He referenced the 2010 Dodd-Frank Act, under which most non-CFTC rules were not finalized until between 2013 and 2018, taking three to eight years to complete.
Bipartisan Support Remains Key
The upcoming hearing on Thursday will be a key moment to observe whether bipartisan momentum holds. Slaughter acknowledged that major legislative efforts often face multiple setbacks before final passage, but he remains optimistic about the bill's eventual success.