Andrew Cuomo has a new gig, and it comes with opinions about crypto regulation. The former New York governor, now co-chair of a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), is publicly pushing for the swift passage of the Digital Asset Market Clarity Act, predicting that the outstanding issues holding up the bill will likely be resolved.

Where the CLARITY Act stands

The CLARITY Act (H.R. 3633) has had a productive run through the legislative gauntlet so far. The House passed it in July 2025 with a vote of 294-134, a margin wide enough to suggest genuine bipartisan support rather than party-line theatrics.

The Senate Banking Committee then approved its own version on May 14, 2026, with a 15-9 vote.

The central problem the bill tries to solve is one the crypto industry has been complaining about for years: nobody knows whether the SEC or the CFTC is supposed to be in charge. The CLARITY Act would draw clearer lines between the two agencies, establishing which digital assets qualify as securities and which fall under commodities regulation.

The Senate is running up against a clock. Senate Majority Leader John Thune has suggested extending sessions beyond the scheduled August 7 recess to make sure the bill gets adequate floor time.

Cuomo’s crypto pivot

Cuomo joined the board of OKX in 2026 and became co-chair of the exchange’s partnership with ICE, the company that owns the New York Stock Exchange. That partnership is built around 24/7 trading infrastructure, which Cuomo has promoted as the future of finance.

His core point is that the bill shouldn’t become a partisan football. Lingering concerns about consumer protections and ethics, he argues, can be resolved collaboratively. Cuomo has also been vocal about conflicts of interest among legislators who trade stocks while shaping the rules that govern financial markets, arguing that these ethics questions need to be addressed as part of the broader regulatory conversation.

What this means for crypto markets

Clear delineation between SEC and CFTC jurisdiction would reduce compliance risk for exchanges, token issuers, and DeFi protocols. The bill also aims to establish a framework for registration of exchanges and brokers, while enabling more transparent pathways for tokenization and facilitating spot trading in digital assets.

The 294-134 House vote and 15-9 committee vote suggest genuine legislative momentum, but if the Senate doesn’t act before the August 7 recess, the bill could lose momentum heading into the fall legislative calendar.