Andrew Cuomo Says Crypto Industry's Republican Spending Alienated Democrats

WHY IT MATTERS

In the United States, new laws about cryptocurrency need support from lawmakers in both major political parties — Democrats and Republicans — to get passed. Think of it like trying to get a new rule approved at a school: if you only befriend one group of decision-makers while ignoring the other, the second group might block your proposal out of frustration. The crypto industry has been spending money to support political candidates who favor crypto-friendly policies, but according to former New York Governor Andrew Cuomo, most of that money has gone to Republicans. This could make it harder to get Democrats on board with new crypto rules, which means the regulatory uncertainty that affects how crypto companies operate and how users are protected could persist longer.