Former CFTC Chairman: 'Banks Are the Ones Who Need the Clarity Act', Concerns Over Delay in U.S. Financial Digitalization

Who is Affected by the Absence of Clear Regulation?

Chris Giancarlo, former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated in the podcast 'The Wolf Of All Streets' released on the 8th that the traditional banking sector, rather than the cryptocurrency industry, is in dire need of the 'The Clarity Act', a bill that defines the structure of the cryptocurrency market.

The cryptocurrency industry has faced stringent regulations during the tenure of SEC Chairman Gary Gensler, which has led to a call for clearer guidelines to ensure stable market operations. Giancarlo emphasized that the lack of clear regulations is primarily impacting traditional banks, as they are the ones who are most unable to operate under regulatory uncertainty. He also highlighted that if the stagnation of the bill continues, it could lead to the U.S. financial infrastructure falling behind its European and Asian counterparts.