Paradigm executives: The formulation of rules for the crypto market structure may take several years

According to Cointelegraph, Paradigm's Vice President of Regulatory Affairs, Justin Slaughter, stated that even if the U.S. crypto market structure bill is ultimately passed into law, the formulation of its rules and full implementation could take nearly two presidential terms.

The bill is currently under review by the Senate Banking Committee, while the hearing for the Agriculture Committee has been postponed until January 27. Slaughter pointed out that the bill alone requires the formulation of 45 rules, a process that will not only span this presidential term but is likely to continue until the end of the next term. He cited the Dodd-Frank Act, passed in 2010, as an example, noting that most of the rules not overseen by the CFTC were only completed between 2013 and 2018, taking anywhere from 3 to 8 years.

Slaughter mentioned that he will be watching whether the bipartisan cooperation process is maintained during Thursday's review and noted that important bills "often go through multiple failures" before final passage, but he remains optimistic about the likelihood of passage.