US Crypto Sector Demands Clarity in Stalled CLARITY Act Legislation

The US crypto sector is pushing for the CLARITY Act to provide regulatory certainty for digital assets, but Congress has yet to pass the bill. Former New York Gov. Andrew Cuomo says the act is necessary to give crypto companies and traditional financial firms a clearer path for compliance and market development.

Cuomo warns that unclear US rules could drive investment abroad as his firm builds crypto-to-traditional market infrastructure. The Senate delayed a vote on the CLARITY Act until after its August recess, with Democrats demanding stronger ethics provisions and awaiting White House input.

Congress must approve the CLARITY Act because the US is already trailing other markets in establishing crypto rules, Cuomo says. He urges the industry to push both parties toward compromise rather than let disagreements over ethics provisions derail the legislation.