Federal policy expert Dorothy DeWitt warned cryptocurrency companies that even if policy progress is made, regulations could take a decade or more to pass.

DeWitt served as the Senate's former chief financial counsel and former director of the CFTC's regulatory division. “Rulemaking takes a long time,” DeWitt said at a recent event, citing the 2010 Dodd-Frank Act, whose final rules didn’t pass the CFTC until 2021. It is really difficult to reach consensus among people who are not interested in this matter, have limited understanding and are afraid of very complex issues." Another guest who participated in the event, Professor James Park of 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. (Blockworks)