Cuomo Calls for Clarity Act Passage Amidst Partisan Gridlock

Former New York Governor Andrew Cuomo has called for lawmakers to pass the highly politicized Clarity Act, which aims to set clear regulations for the crypto industry in the US. Speaking on CNBC's Squawk Box, Cuomo emphasized that 'we need clarity' and that Congress should establish clear boundaries for the industry.

Cuomo, who is also the director of OKX, a crypto exchange, noted that Democrats and Republicans are at odds over ethics language in the bill. He pointed out that some Democrats want to raise the issue of President Trump's family making money from crypto during the campaign season, which he believes could be seen as hypocritical.

Cuomo warned that the world is passing the US by, with other countries moving forward on regulations and allowing innovation to flourish. He cited OKX's success in Europe as an example, where the company is doing 'gangbusters' despite a lack of clear regulations in the US.