Cuomo Warns Congress: Pass CLARITY Act or US Will Fall Behind on Crypto Regulations

Former New York Governor Andrew Cuomo has called on Congress to pass the CLARITY Act, warning that the US is falling behind other countries in crypto regulations. He emphasized that the bill needs to pass because 'we're already way behind.' The act would create a federal framework for digital assets and help define which crypto products fall under the SEC or CFTC.

Cuomo spoke at the SALT Conference in Jackson Hole on August 18, where he urged lawmakers to resolve their differences and give the crypto industry clear rules. He expressed concerns that leaving the job of creating rules to federal agencies could result in changes whenever political control shifts in Washington.

The Senate Banking Committee passed the CLARITY Act with a 15-9 vote in May, but it still needs support from Democrats to clear the Senate. The bill's path remains uncertain due to ethics fights over stablecoin rewards, law enforcement rules, and political conflicts. Prediction markets have placed the chances of the bill becoming law in 2026 at around 20%.