Andrew Cuomo calls on Congress to pass the CLARITY Act to establish clear regulatory boundaries for U.S. digital asset markets.
Regulation & Gov ·
Andrew Cuomo has called on Congress to pass the CLARITY Act, arguing that the United States is falling behind on digital asset regulation and must establish clear boundaries for crypto markets. The CLARITY Act aims to resolve longstanding jurisdictional ambiguity by defining which digital assets fall under Securities and Exchange Commission oversight versus Commodity Futures Trading Commission authority, while setting disclosure, custody, and exchange registration standards.
The bill addresses a regulatory vacuum that has persisted for over a decade, as existing securities and commodities law do not cleanly apply to tokens, stablecoins, DeFi protocols, and other digital assets. Courts have issued conflicting rulings, and the SEC and CFTC have publicly disagreed on asset classification. Congress holds the statutory authority to clarify these boundaries and define the operating mandates for financial regulators.
Cuomo's push comes as the legislative calendar for digital assets has drawn heightened attention heading into 2025–2026. Other voices, including venture capital and policy groups, have similarly urged passage of the measure, though state regulators have raised concerns about potential impacts on fraud enforcement and investor protection authority.