Andrew Cuomo, the former New York governor who now sits on the board of crypto exchange OKX, took his case for U.S. crypto regulation straight to television this week. Appearing on CNBC's Squawk Box, Cuomo urged lawmakers to pass the Clarity Act, the House-approved bill that would establish federal rules for digital assets but has stalled in the Senate over ethics language.
Cuomo's pitch from inside the industry
Cuomo's message was blunt. 'Tell me the rules — I want to play the game fairly, but you have to tell me the boundaries,' he said. He warned that the U.S. is falling behind other countries, pointing to OKX's success in Europe, where he said regulations allow innovation to flourish. The contrast is sharp: clear rules let companies build, he argued, but the delay in Washington is holding the domestic industry back.
His role at OKX gives him a direct stake in the outcome. It's not every day a former governor lobbies for crypto legislation from inside a major exchange. That combination of political pedigree and industry ties is exactly what makes his public push notable.
What's holding up the Senate
The Clarity Act cleared the House last year, but the Senate has hit a wall. The sticking point is ethics language, not the core regulatory framework. Democrats are raising concerns about the Trump family making money from crypto, and that's been enough to keep the bill in limbo.
A new bipartisan draft aims to break the logjam. It includes ethics provisions that would ban government officials from promoting or profiting from crypto. That's a direct response to the concerns that have dogged the bill since it arrived in the Senate.
White House review and denials
The White House is reportedly reviewing the new draft this week. So far, it has denied any conflicts of interest regarding President Trump's crypto business interests, including his family's involvement in meme coins and World Liberty Financial. The denial doesn't resolve the political tension, but it does signal the administration is engaged with the draft.
Whether the ethics language goes far enough for Senate Democrats remains the open question. The White House review is the next concrete step, but there's no public timeline for a Senate vote.
