Banks need Clarity Act more than crypto, former CFTC Chair Christopher Giancarlo says

Former CFTC Chairman Christopher Giancarlo stated that the stalled U.S. Digital Asset Market Clarity Act is more crucial for banks than for the crypto industry. He argued that banks require regulatory certainty to justify investing billions in building new digital payment rails, as their general counsels cannot proceed without it. The bill has been deadlocked since January, partly due to pushback from crypto firms like Coinbase against Senate Banking Committee proposals that might restrict stablecoin rewards. Banks view stablecoins as essential building blocks for faster digital systems, but some worry about capital flight, leading to calls for a level playing field. Giancarlo warned that if banks resist, crypto innovation will move offshore to Europe and Asia, leaving American banks behind with an outdated system. He currently estimates the bill's chances of passing at about 60-40, acknowledging several unresolved issues.

(Source：CoinDesk)