Paradigm executive: Rule-making for the crypto market structure could take years.
PANews reported on January 14th that, according to Cointelegraph, Justin Slaughter, Vice President of Regulatory Affairs at Paradigm, stated that even if the U.S. Crypto Market Structure Act is ultimately passed, its detailed rules and full implementation could take nearly two presidential terms. The bill is currently under review by the Senate Banking Committee, while the Agriculture Committee hearing has been postponed to January 27th.
Slaughter pointed out that the bill alone requires the development of 45 detailed rules, a process that will not only continue throughout the current president's term but may also extend into the next. He cited the Dodd-Frank Act of 2010 as an example, noting that most of the rules outside the CFTC's purview were only finalized between 2013 and 2018, taking anywhere from three to eight years. Slaughter stated that he will be watching whether the bipartisan process will continue during Thursday's deliberations, noting that important bills "often experience multiple setbacks" before final passage, but remains optimistic about the likelihood of success.
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