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Cuomo Urges Congress to Pass CLARITY Act as U.S. Lags
Cuomo told Congress to pass the CLARITY Act as the U.S. loses ground on crypto rules. A Senate procedural vote is set for September 15.
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Former New York Gov. Andrew Cuomo told Congress to pass the CLARITY Act, saying the country is losing ground to other markets on digital asset rules.
Cuomo spoke Tuesday at the SALT conference in Jackson Hole, Wyoming. Congress needs to write clear rules for crypto companies operating in the United States, he said.
“It can pass because it has to pass because we’re already way behind,” Cuomo said. The European Union already has a bloc-wide crypto framework, he pointed out.
The CLARITY Act would set federal standards for digital asset markets. It would define when crypto assets count as securities versus commodities. The bill would also split regulatory duties between the SEC and the CFTC.
Clear laws let companies know what regulators expect before they build products, Cuomo said. “You have to know the rules of the game if you want a company to comply,” he said.
Regulators can write crypto rules without Congress, but those policies might shift under future administrations. Some industry executives worry another administration could pick regulators who enforce more strictly.
Former SEC Chair Gary Gensler sued dozens of crypto companies during the Biden administration. The SEC claimed those firms offered securities without registering. Gensler defended the aggressive enforcement by pointing to fraud across the sector.