Former New York governor and ICE-OKX co-chair Andrew Cuomo is urging US lawmakers to move quickly on the CLARITY Act. He says that crypto companies are not looking for special treatment, they just want clear rules. Still talking Bloomberg CryptoCuomo urged Congress to pass the law before lawmakers leave for recess on August 7. This comes after the White House’s early July 4th goal was missed.
According to Cuomo, years of legal uncertainty have made it difficult for crypto businesses to operate confidently in the United States.
“What the industry is saying is tell me the rules, tell me the rules, I want a referee, just tell me where the lines are on the field and what I can and can’t do.” He said.
‘Don’t Make This Party’
Instead of blaming one party for the delay, Cuomo warned lawmakers not to turn crypto legislation into another one-sided fight.
“You don’t want this to happen. You don’t want to blame the Democrats. You don’t want to blame the Republicans because that’s the problem. Pointing fingers doesn’t work.” He added.
He acknowledged that Democrats have legitimate concerns about consumer protection, anti-money laundering (AML), and know-your-customer (KYC) laws. He said these safeguards should remain part of the final rules.
According to him, “Democrats are worried. They want consumer protection. They have to have it. They want to make sure that AML, KYC are all in place. This has to be done.”
Instead of calling Democrats an obstacle, he said lawmakers just need to quickly resolve the remaining issues.
Crypto Has Waited Long Enough
Cuomo said governments have taken years to regulate financial innovations, including energy markets and credit exchanges. However, he believes that crypto has been waiting longer than it should have.
“The government usually hasn’t changed the market… But this is a very long time.” Cuomo said.
He said that cryptocurrencies began to gain traction in the world in 2009, but the US still does not have legal framework books.
For him, it is CLARITY Act it is aptly named because it will finally provide the legal certainty that companies have been seeking. As Congress faces an August deadline, pressure is mounting on lawmakers to reach a bipartisan deal. Finally, this would set clear rules for the US crypto market.
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