‘It has to pass’: Andrew Cuomo warns U.S. is falling behind on crypto rules
Former New York Governor Andrew Cuomo has urged Congress to pass the Clarity Act to establish federal regulations for the cryptocurrency market. He argues that the lack of clear rules is causing the U.S. to lose competitive ground to the European Union.
Why it matters
Regulatory uncertainty in the US crypto sector is a major point of contention for financial firms and investors seeking long-term stability.
“It can pass because it has to pass because we’re already way behind,” Cuomo said Tuesday at the SALT conference in Jackson Hole, Wyoming.
The Clarity Act would set federal rules for the crypto market and spell out which regulators oversee different types of digital assets. Those rules could help crypto exchanges, token issuers and traditional financial firms determine which laws apply to their products.
The Senate broke for its August recess without voting on the Clarity Act, though Majority Leader John Thune scheduled the first procedural vote for immediately after it returns next month.
Senate Democrats have said they want a stronger ethics provision before they'll support the bill, and Senators Ruben Gallego and Thom Tillis are currently waiting for the White House to respond to their proposed ethics language. Other outstanding issues include law enforcement provisions and stablecoin rewards.
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