Former CFTC Chairman: Banks Need Regulatory Clarity More Than the Crypto Industry

Odaily News Former CFTC Chairman Chris Giancarlo stated on The Wolf Of All Streets Podcast that US banks need crypto regulatory clarity the most, otherwise they risk falling behind other regions globally in payment innovation. Chris Giancarlo pointed out that even if the CLARITY Act is not passed, the crypto industry will continue to develop, but without clear rules, bank boards will hesitate to invest billions of dollars due to regulatory uncertainty. Chris Giancarlo emphasized that US financial institutions need to modernize by adopting this technology; if adoption is delayed, regions like Asia and Europe will take the lead, leaving the US banking system in a passive position. If the CLARITY Act ultimately fails to pass, it is expected that SEC Chairman Paul Atkins and CFTC Chairman Mike Selig will formulate independent rules to provide temporary guidance.