CoinTelegraph • October 8th 2026, 5:06 AM
Crypto’s heavy backing of Republicans alienated Democrats: Cuomo
Key Summary
Former New York Governor Andrew Cuomo advises the crypto industry to balance its support for both Republicans and Democrats to pass federal crypto legislation. The industry's heavy backing of Republicans has alienated Democrats, who are needed to pass the bill. Cuomo emphasizes the importance of a balanced approach to pass the CLARITY Act, which has attracted support from both parties. #Crypto #US #Politics
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Industry Support
Crypto-focused political action committees have spent $54.3 million supporting Republicans in the 2026 election cycle, compared to $26.2 million supporting Democrats. Another $23.2 million has been spent opposing Democrats.Cuomo's Warning
Former New York Governor Andrew Cuomo urged the crypto industry to balance its support for both parties. 'When you invest heavily in the Republican Party, by definition, you're going to alienate Democrats,' he said.CLARITY Act
The CLARITY Act, which passed the House with bipartisan support in July 2025, aims to provide regulatory clarity for the crypto industry. Cuomo emphasized the importance of a Democratic-controlled Congress in passing the bill.Democrat Support
Cuomo disputed the perception that Democrats are inherently opposed to crypto technology. 'As a matter of fact, I could argue that the crypto technology is exactly suited to the Democratic Party,' he said. 'It's empowering people who otherwise wouldn't have access to financial products.'#Crypto#US#Politics#NY