Maylea Ma, deputy general counsel at 1inch, expects US federal agencies rather than Congress to drive the next phase of crypto regulation. She said the midterm elections could change the path of the stalled CLARITY Act, but agency engagement with crypto projects cannot provide the stability of a law.
Michael Ho of D3 said agency guidance can be reversed by a future administration, leaving institutional investors waiting for clear rules written into law. The SEC proposed a crypto fundraising framework in August and updated staff guidance in September. The CFTC submitted a crypto market regulatory plan for White House review on Sept. 17.
