Former CFTC Chairman: Clarity in cryptocurrency regulation is more important for banks

PANews reported on March 9th, citing Cointelegraph, that former CFTC Chairman Chris Giancarlo stated that banks are the institutions most in need of clarity in crypto regulation; without clear rules, banks will find it difficult to invest. He pointed out that even if the Senate's CLARITY bill fails to pass, the crypto industry will continue to grow, but bank legal departments will advise boards of directors to postpone investments.

Giancarlo warned that if U.S. banks delay their adoption of crypto applications, other Asian and European countries will outpace them, leaving the U.S. banking system behind. A digital track will be established, at which point U.S. banks will find their identity and messaging-based systems inoperable overseas and will be forced to catch up passively. If the CLARITY bill fails to pass, he anticipates that SEC Chairman Paul Atkins and CFTC Chairman Mike Selig will enact temporary rules, which, while offering no long-term legislative certainty, could temporarily spur industry development.