Cuomo Urges Congress to Pass Clarity Bill Amid Regulatory Delays
Former New York Governor Andrew Cuomo has urged the US Congress to speed up passage of the Clarity bill, a cryptocurrency regulation measure. He argued that regulatory delays are weighing on the competitiveness of the US market and preventing innovation from developing.
Cuomo made his comments in an interview with CNBC about the Clarity bill, which includes provisions to codify the US cryptocurrency regulatory framework into law. The bill has been stuck in Congress due to disagreements over ethics provisions for public officials.
The main obstacle is a ban on public officials promoting cryptocurrency or earning profits through it. Democrats have raised concerns that President Trump's family earned profits through a memecoin and the DeFi protocol World Liberty Financial (WLFI), while the White House has maintained there was no conflict of interest.
Cuomo, who also serves as a director of cryptocurrency exchange OKX, expressed concern that the ethics dispute is turning into a political issue alone. He pointed out that Democrats should be careful about conflicts of interest if they are buying stocks with inside information.