Former New York Governor Andrew Cuomo has warned that the United States is falling behind other markets on cryptocurrency regulation and said Congress must pass the CLARITY Act to provide the industry with clear rules.
Cuomo said the legislation was essential to connecting digital assets with traditional financial markets. He argued that crypto companies need greater certainty if the US is to remain competitive internationally.
“The CLARITY Act has to pass,” Cuomo said, stressing the importance of reaching a bipartisan agreement rather than allowing the issue to remain unresolved.
The former governor cautioned that failure to secure a deal in Congress could leave the future of crypto policy largely in the hands of regulators. That, he said, could result in rules changing whenever political control of the government shifts.
Such uncertainty would make it harder for companies to plan, invest and build operations in the US, while potentially encouraging businesses to look towards other jurisdictions with clearer regulatory frameworks.
Cuomo, who leads a joint venture involving OKX and Intercontinental Exchange, called on the cryptocurrency sector to apply pressure to lawmakers from both major parties. He said the industry should encourage Democrats and Republicans to work towards a compromise on the legislation.
The CLARITY Act is therefore being presented as a key test of whether Congress can establish a lasting framework for digital assets, rather than leaving the sector dependent on changing regulatory interpretations.
Cuomo’s comments come as policymakers continue to debate how cryptocurrency should be treated alongside conventional financial markets. The central issue is the need to define clear responsibilities and rules for crypto businesses, while giving firms confidence that the regulatory environment will not be repeatedly altered by changes in political power.
His warning is that a failure to legislate could damage the US position in a rapidly developing global market. Without congressional action, regulators would continue to play a central role in setting policy, with the possibility that future administrations could take significantly different approaches.
The former New York governor’s intervention also reflects the growing involvement of established financial institutions and major crypto companies in the debate over regulation. His joint venture with OKX and Intercontinental Exchange places him close to both the digital-asset industry and traditional finance.
The wider crypto market is also focused on technological developments. Zcash’s Tachyon upgrade is intended to scale shielded payments, improve readiness for potential quantum-computing threats and test whether its funding, security and governance arrangements can withstand those demands.
For Cuomo, however, the immediate priority is political: securing congressional approval for the CLARITY Act before the US falls further behind other markets in establishing crypto rules.
