Andrew Cuomo has urged the crypto industry to distribute political support evenly between Democrats and Republicans if it wants federal cryptocurrency legislation to pass and endure. The former New York governor argues that regulatory frameworks only gain lasting power when both parties have a stake in their success.
Cuomo's central concern is durability. He warns against relying on regulatory agency actions to set rules, noting that guidance and enforcement priorities can shift quickly after elections, leaving the sector vulnerable to sudden policy changes. He advocates instead for a statutory framework that remains stable regardless of which party controls Congress or the White House.
The CLARITY Act Stalls in Senate
Cuomo's remarks are tied to the stalled CLARITY Act, which aims to clarify federal regulatory authority over digital assets. The bill would divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The House passed the bill in 2025, but the Senate has made limited progress. On September 15, 2026, a cloture vote to advance the bill failed 49-50, leaving the legislation stalled.
Industry groups have invested tens of millions in supporting pro-digital-asset political candidates. Cuomo's message suggests that how campaign contributions are distributed across both parties matters as much as the total amount spent.
Cuomo's Current Crypto Involvement
Cuomo brings industry experience to his advisory role. He joined the board of crypto exchange OKX in July 2026 and co-chairs a joint venture with Intercontinental Exchange focused on tokenized assets and trading infrastructure upgrades. As New York governor, Cuomo signed the BitLicense law in 2015, creating a significant state-level regulatory framework for cryptocurrency.
For the crypto sector, the primary concern is regulatory risk. Without federal clarity, rules governing tokens, exchanges, and custody can shift based on leadership at financial regulators. A bipartisan CLARITY Act could reduce this uncertainty by establishing clear jurisdictional lines between the SEC and CFTC, telling exchanges which licenses they need and token issuers which disclosure rules apply.
The 49-50 cloture vote demonstrates how narrow the margins are. Converting even a handful of skeptical senators could determine whether the bill advances or remains parked.
