Paradigm executive: Rule-making for the crypto market structure could take years.

According to a report by Cointelegraph, Justin Slaughter, Vice President of Regulatory Affairs at Paradigm, stated that even if the U.S. Crypto Market Structure Act is ultimately passed, the drafting and full implementation of its detailed rules 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 drafting of 45 detailed rules, a process that will not only span this presidential term but could also continue until the end of the next. He cited the Dodd-Frank Act of 2010 as an example, noting that most of the rules not under the CFTC's jurisdiction were only completed between 2013 and 2018, taking anywhere from three to eight years. Slaughter stated that he will be watching whether the bipartisan process continues at this Thursday's review meeting, noting that important bills "often experience multiple failures" before final passage, but remains optimistic about the likelihood of its passage.