June 18 (Cointime) - Federal policy expert Dorothy DeWitt warned crypto companies that even if a bill for crypto regulation is passed, it can take a decade or more for the rules to be implemented. DeWitt, who served as former chief finance counsel to the Senate and former director of the CFTC’s division of oversight, pointed to the Dodd Frank Act as an example of how long rulemaking can take.

Panelist James Park, a professor at UCLA School of Law, said the SEC faces similar challenges in creating and enforcing rules around evolving technology like crypto. DeWitt helped draft the Responsible Innovation Act, a bipartisan bill addressing consumer protection, market integrity, anti-terrorism policy, and promoting innovation, which may be reintroduced this Congress.