Federal policy expert Dorothy DeWitt said at a recent event that even if the policy progresses, it could take a decade or more to pass the rules.
It takes a long time to make rules, and DeWitt gave the example of the Dodd-Frank Act, which was released in 2010. Its final rules did not pass the CFTC until 2021. It’s really hard to come to a consensus with people who are scared of the problem.
James Park, a professor at the UCLA School of Law, said that while the SEC is formulating regulations, it is also facing a jurisdictional battle with the CFTC and other agencies.
It is reported that DeWitt has served as the former chief financial counsel of the Senate and the former director of the CFTC Regulatory Division.