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Cuomo urges Congress to pass the CLARITY Act to set federal crypto rules
He warned that without action, U.S. crypto policy could continue shifting across regulators, while the Senate already missed a vote and has scheduled a procedural step after its August recess.
Former New York Gov. Andrew Cuomo said Congress needs to pass the CLARITY Act to establish federal rules for the crypto market and keep the United States competitive with other jurisdictions. Speaking at the SALT conference in Jackson Hole, Wyoming, Cuomo argued the U.S. is already falling behind on rulemaking, and that clear oversight would help crypto exchanges, token issuers, and traditional financial firms understand which laws apply to their products, according to CoinDesk.
Cuomo said the bill would set national parameters for the crypto market and specify which regulators oversee different types of digital assets. He also highlighted that years of uncertainty have made it harder for companies to build in the U.S. because firms need to know where regulators will draw the line to comply.
He warned that if Congress does not act, regulators will be left to fill the gap, potentially leading to rules that change as political control changes. CoinDesk reports the Senate broke for its August recess without voting on the CLARITY Act, and Majority Leader John Thune scheduled the first procedural vote for immediately after the chamber returns next month, with Democrats seeking a stronger ethics provision before they support the bill.
Cuomo urged the crypto industry to push both sides toward compromise and noted that outstanding issues include ethics provisions, law enforcement provisions, and stablecoin rewards. He also pushed back on efforts to blame Democrats or Republicans for the holdup, saying disagreements over ethics and other parts of the bill should not derail it.