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Former New York Governor Andrew Cuomo warned that the United States is falling significantly behind in the global race to regulate digital assets, urging Congress to expedite passage of the CLARITY Act. Speaking at the SALT Conference in Jackson Hole, Wyoming, he stressed that the bill must pass, arguing that prolonged regulatory uncertainty is increasing burdens on businesses and could drive investment capital overseas. The U.S. Senate is scheduled to hold its first procedural vote on September 15, but bipartisan disagreements remain over public official ethics provisions and stablecoin compensation. Cuomo is currently leading a joint venture between OKX and Intercontinental Exchange focused on building securities tokenization infrastructure.
Key Elements
Former New York Governor Andrew Cuomo warned that the United States is already falling significantly behind in the global race to regulate digital assets, urging Congress to expedite passage of the CLARITY Act.
Speaking at the SALT Conference in Jackson Hole, Wyoming on the 18th, Cuomo said, “The bill can pass, and it must pass, because the United States is already far behind.” He noted that prolonged regulatory uncertainty has increased the burden on companies doing business in the United States.
The CLARITY Act establishes a comprehensive federal regulatory framework for the U.S. digital asset market and delineates jurisdictional regulators by digital asset type. Once implemented, crypto exchanges, token issuers, and traditional financial institutions would be able to determine with greater clarity which regulations apply to each product.
Cuomo emphasized, “If a company wants to comply with regulations, it needs to know the rules of the game. It needs to be clear what is permitted and what is prohibited.”
Timing and Outstanding Issues
Time is running short for the bill’s passage. The U.S. Senate entered its August recess without holding a vote on the CLARITY Act. Senate Majority Leader John Thune plans to hold the first procedural vote to advance the bill on September 15, after Congress returns.
Key sticking points remain. Democrats are demanding that stronger public official ethics provisions be included in the bill. A compromise ethics provision crafted by Democratic Senator Ruben Gallego and Republican Senator Thom Tillis is currently awaiting a response from the White House. Law enforcement-related provisions and stablecoin compensation issues are also cited as matters requiring further negotiation.
Cuomo stressed that bipartisan compromise is essential for the CLARITY Act’s passage. He argued that conflicts over individual issues, including the ethics provisions, should not lead to the collapse of the entire bill. He cautioned against attempts to assign blame for delays to either Democrats or Republicans, saying that disagreements over individual parts of the bill should not sink the whole.
The Regulatory Gap with the EU
Cuomo specifically pointed to the European Union, which has already implemented a digital asset regulatory framework applicable across all member states, arguing that the United States must move quickly as well. Without clear federal-level regulation, he explained, companies and investment capital could migrate to overseas markets with more definitive regulatory regimes.
He also expressed concern that if Congress fails to pass the bill, regulators would be left to fill the legislative void. Regulatory direction could shift with each change in administration, making it even more difficult for digital asset and financial firms to establish long-term business plans.
Cuomo’s Direct Stake
Cuomo is currently leading a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, building infrastructure that connects digital assets with traditional financial markets. He identified the tokenization of securities such as U.S. equities on blockchain rails — enabling 24-hour trading for global investors — as a primary business focus.
However, he emphasized that regulatory reform alone will not solve all of the digital asset industry’s problems. Trust issues remain due to a series of industry scandals and concerns about illicit finance. “Ultimately, what’s needed is trust,” he said. “Integrity is required.”
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Source: finance.biggo.com