Letter to Congress in support of the CLARITY and GENIUS Acts
July 11, 2025
VIA E-MAIL:
New York State Congressional Delegation
Dear Members of New York’s Congressional Delegation:
I write to respectfully urge your support for bipartisan digital asset legislation—commonly referred to as the CLARITY Act (HR 3633) and the GENIUS Act (S.394). New York is emerging as a global hub for microprocessor manufacturing and next generation technologies, like artificial intelligence and blockchain. To support this world class innovation ecosystem, Congress should focus on pro-growth policies that protect consumers while providing developers with clear guardrails and the freedom to innovate.
According to the Global Blockchain Business Council, New York is home to over 2,400 blockchain companies. Collectively, this growing ecosystem has attracted more than $10.6 billion in investment. These firms are building decentralized systems that promise greater security, transparency, and inclusion across sectors—from financial services to supply chain logistics and transparency.
For this momentum to continue, innovators need regulatory clarity. Today, a patchwork of guidance and overlapping agency jurisdictions creates uncertainty, deters investment, and drives development out of state and offshore. Many of the most promising blockchain solutions are now being built outside of the United States—not because of a lack of talent or capital here in New York, but because other nations are moving more quickly to provide rules of the road.
The CLARITY and GENIUS Acts address this challenge. By defining the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission, the legislation establishes a practical framework. They support responsible innovation while preserving robust protections against fraud and abuse.
Blockchain is a foundational technology for the next generation of web-based solutions. If we want the United States, and New York in particular, to lead the world in digital innovation, we must create an environment that invites builders, investors, and entrepreneurs to stay and grow here. This is especially critical for Upstate New York, where emerging industries are revitalizing our communities and creating the high paying jobs of tomorrow.
I look forward to collaborating with your offices on policies that will protect and promote New York’s role as a world leading innovation ecosystem.
Sincerely,
Jeremy A. Cooney
New York State Senator
