Andrew Cuomo Urges Congress To Pass Crypto Bill To Set Clear Rules For The Road: Don't Claim It Is The Wild Wild West, When There's No Sheriff

Former New York Governor Andrew Cuomo called on Congress on Tuesday to pass the Clarity Act, highlighting blockchain’s potential to bring financial inclusion to the unbanked and underserved

Cuomo Bats For Blockchain Technology

During an interview with Fox Business, Cuomo argued that the adoption of blockchain technology could drastically reduce consumer costs by lessening reliance on traditional banking institutions

“You don’t need the intermediaries. Literally, you could trade directly, and it can be a 24/7 market, and it can be a global market,” Cuomo was quoted as saying.

He also highlighted how having a cryptocurrency wallet on your phone and significantly lower transaction fees for payments could be a total game-changer for an “average middle-class family.”

Crypto ‘Latest Chapter’ In US Financial Evolution

Cuomo urged Congress to pass the Clarity Act, which he argued would set definitive rules of the road.

“You can’t claim an industry is the Wild West when there’s no sheriff. That’s why it’s the Wild West, because there’s no sheriff and there are no laws,” he said

Cuomo deemed cryptocurrency as the “latest chapter in America’s financial evolution,” comparing its rise to pivotal events, such as the 1929 stock market crash, which led to regulatory reforms and the creation of the SEC.

Will Crypto Act See The Light Of Day?

The Clarity Act—a proposed legislation designed to establish a regulatory framework for cryptocurrencies— last month. Some Democratic Senators broke ranks to vote in favor alongside all Republican members.

The bill officially sits on the Senate Legislative Calendar as of this writing, making it eligible for a full floor vote.

However, Polymarket odds for its passage have dropped to 41%, down from 74% just a month ago. Critics point to the bill’s failure to resolve conflicts of interest tied to Trump and his family’s cryptocurrency activities.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo Courtesy: lev radin on Shutterstock.com