Cuomo Warns US Falling Behind on Crypto Rules

Former New York Governor Andrew Cuomo has urged Congress to pass the Clarity Act, warning that the US is falling behind other countries in setting rules for crypto.

Cuomo made his comments at the SALT conference in Jackson Hole, Wyoming, where he said 'it can pass because it has to pass' due to the country's current lack of federal regulations. He noted that years of uncertainty have made it harder for companies to build products in the US while knowing which regulators will oversee them.

Cuomo contrasted the US with Europe, where the European Union has implemented a bloc-wide crypto framework. Without federal legislation, he said the US risks losing business and investment to markets where the rules are clearer.