Crypto Regulations in U.S. Need Stability Beyond Next Election

The United States is still struggling to establish a unified legislative framework for regulating digital assets, according to former New York Gov. Andrew M. Cuomo. In an opinion piece, he argues that the current policy uncertainty is hurting builders, investors, and consumers. He points to the proposed CLARITY Act, which passed the House in 2025 but has not been sent to the president, as a step toward clarity on how agencies like the SEC and CFTC would oversee the market.

With Congress failing to advance the bill, Cuomo warns that federal agencies have instead pushed forward with new rules using existing authority. While he acknowledges this approach can be helpful in the short term, he stresses that it lacks the durability of a law passed by Congress. He cautions that the next shift in congressional control could significantly impact how crypto regulations are implemented or challenged.

Cuomo urges bipartisan digital-asset legislation to reduce ambiguity and provide regulatory certainty for companies to invest confidently. He highlights regulatory frameworks in other jurisdictions, such as Europe’s MiCA and Singapore’s Payment Services Act, as examples of clearer rules that the U.S. could learn from.

The immediate question is whether Congress will revive the CLARITY Act or pursue alternative bipartisan legislation before political shifts alter the trajectory of existing agency rules. For market participants, the key variable to watch is whether Congress treats those rules as settled policy or as something that can be reopened.