Andrew Cuomo Urges Congress to Pass CLARITY Act Before US Falls Further Behind

Former New York Governor Andrew Cuomo pushed Congress to pass the CLARITY Act, warning the US is already trailing other countries when it comes to crypto regulation. Speaking Tuesday at the SALT conference in Jackson Hole, Wyoming, Cuomo said the bill has to pass because the country is already behind.

Bill Faces Tight Timeline in Senate

The CLARITY Act would establish federal rules for crypto markets and clarify which regulators oversee different digital assets. The Senate left for August recess without voting, though a procedural vote is scheduled once lawmakers return. Senate Democrats want stronger ethics provisions before backing the bill, with senators Ruben Gallego and Thom Tillis awaiting a White House response on proposed language.

Uncertainty Hurts US Competitiveness

Cuomo said years of unclear rules have made it harder for companies to build crypto products domestically. He compared the US unfavorably to Europe, where a bloc-wide framework already exists, warning that without federal legislation, business could shift elsewhere.

Cuomo’s Own Stake in the Outcome

Cuomo leads a joint venture between OKX and Intercontinental Exchange, building infrastructure linking crypto and traditional markets, including tokenized securities. He added that beyond regulation, the industry still faces a trust problem tied to past scandals.