Crypto’s Big Regulatory Overhaul May Crawl Through Years Of Policy Creation: Exec

Justin Slaughter, Paradigm’s vice president for regulatory affairs, said the law itself would only begin a longer process of writing dozens of detailed rules that agencies must draft, publish for comment, and finalize.

The draft would give the Commodity Futures Trading Commission authority over many spot markets and includes measures aimed at limiting how stablecoins are used to pay interest, among other provisions.

Slaughter pointed out that the bill would require about 45 separate, detailed rules to be written by regulators before its goals could be fully enforced.

Ok, so here are the main takeaways I have.

That comparison matters because it shows how slow the work can be even when lawmakers act quickly. Agencies must draft proposals, take public comments, revise drafts, and then publish final rules. Each step can be delayed by legal challenges, staffing limits, or political shifts.

Others worry that long rulemaking windows will leave uncertainty for months, or even years, while firms try to follow shifting guidance.

Among the likely bottlenecks: fights over who enforces which rules, debates on how decentralized finance fits under old statutes, and political turnover.

Slaughter warned that parts of the rulemaking might span two presidential terms before everything is settled. That would leave the sector operating under a mix of new guidance and legacy rules for a long time.

At the same time, the CFTC is preparing market-structure and custody guidance tied to its growing role. These agency moves will shape the final form of the technical rules required by whatever law, if any, becomes binding.

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