Crypto regulatory clarity matters more for banks, ex-CFTC chief says
If the CLARITY Act fails to pass, Giancarlo said he expects Paul Atkins at the SEC and Mike Selig at the CFTC will likely write rules to create clarity for the industry.
US banks are the ones most in need of crypto regulatory clarity, according to Chris Giancarlo, former chairman of the US Commodity Futures Trading Commission, who argues that they risk falling behind the rest of the world in payment innovation.
During an episode of Scott Melker’s The Wolf Of All Streets Podcast on Sunday, Giancarlo said the crypto industry will continue to build, even if the Senate’s crypto market structure bill doesn’t pass. However, banks will be hesitant to invest in the technology without clear rules.
“The banks, however, can’t afford regulatory uncertainty. Their general counsels are telling their boards, you can’t invest billions of dollars in this… unless you’ve got regulatory certainty. The banks need this more than crypto,” he said.