Former New York Gov. Andrew Cuomo said lasting U.S. cryptocurrency regulation requires congressional legislation because rules issued by agencies can be challenged or reversed by a new Congress. Cuomo, who sits on the board of crypto exchange OKX and co-chairs its joint venture with Intercontinental Exchange, said regulators' stopgap measures are more fragile than legislation. The Senate blocked the Clarity Act on Sept. 15 in a 49-50 vote, short of the 60 votes needed to advance it. CNBC reported that Democrats sought tougher ethics restrictions on officials profiting from crypto ventures, including President Donald Trump's family, while four Republicans also opposed the bill. Regulatory action continued, with the Securities and Exchange Commission granting a five-year exemption on Sept. 17 for blockchain versions of listed shares. Cuomo said election-year politics, rather than irreconcilable policy differences, derailed the legislation and argued that lawmakers should revive it during the lame-duck session or have it ready by Jan. 1. A motion filed by Sen. Thom Tillis allows another vote, although a Democratic takeover of either chamber could make passage more difficult. Cuomo said Democrats are not inherently opposed to crypto, citing his role in launching New York's BitLicense in 2015, which he later acknowledged had become too restrictive for some companies. He also said the industry's tens of millions of U.S. users were not organized behind the bill and that political donations alone cannot secure legislation.