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." Read Also: Wall Street Wants To Tokenize Everything—But It First Needs The CLARITY Act 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.
