Cuomo Warns Congress: Pass CLARITY Act to Avoid Falling Behind on Crypto Rules

Former New York Governor Andrew Cuomo has urged Congress to pass the CLARITY Act, arguing that regulatory uncertainty is putting the US behind other major markets in digital assets.

Cuomo made the comments at the SALT conference in Jackson Hole, Wyoming, where he emphasized the need for clear rules for crypto companies operating in the US. The CLARITY Act would establish federal rules for digital asset markets and define when crypto assets fall under securities or commodities laws.

'It can pass because it has to pass because we're already way behind,' Cuomo said, pointing out that other jurisdictions like the European Union have already implemented a bloc-wide crypto regulatory framework. 'You have to know the rules of the game if you want a company to comply.'

Cuomo's comments come as the Senate prepares for a procedural vote on the CLARITY Act in September. However, lawmakers still face disagreements over ethics provisions and law enforcement measures.