Cuomo Warns Congress: Pass CLARITY Act or Risk Losing Digital Asset Supremacy

Former New York Governor Andrew Cuomo called on Congress to pass the CLARITY Act, citing regulatory uncertainty as a major concern for the US digital asset market. Speaking at the SALT conference in Jackson Hole, Wyoming, Cuomo emphasized that the US is lagging behind other jurisdictions, such as the European Union, which has implemented a bloc-wide crypto regulatory framework.

Cuomo believes that clear rules would help companies determine what regulators expect before developing products and reduce uncertainty. He pointed out that other countries have established clear guidelines for digital assets, leaving the US at risk of falling behind.

The CLARITY Act aims to establish federal rules for digital asset markets, defining when crypto assets fall under securities or commodities laws and dividing regulatory responsibilities between the SEC and CFTC. Industry executives have raised concerns that regulatory policies could change under future administrations, making it difficult to determine what regulations will be in place.