Cuomo Calls for Clarity on Crypto Regulations: 'The World Is Passing Us By'
Former New York Governor Andrew Cuomo has emphasized the need for clarity in cryptocurrency regulations. Speaking on CNBC's Squawk Box, Cuomo stated that lawmakers must pass the Clarity Act to provide clear guidelines for the industry.
Cuomo, who is also the director of OKX, a crypto exchange, pointed out that Democrats and Republicans are holding up the bill due to disagreements over ethics language. Specifically, some lawmakers want to ban government officials from promoting or making money from cryptocurrency.
The Clarity Act aims to establish clear regulations for the crypto industry in the US. However, its passage has been delayed due to these sticking points. Cuomo expressed concern that if the bill is not passed soon, the US will fall behind other countries in regulating and embracing innovation in the sector.
Cuomo also warned Democrats about their criticism of President Trump's family business dealings with cryptocurrency, saying they should be careful about raising conflicts-of-interest allegations when some of them may have similar issues.