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Former CFTC Chairman: "The Digital Asset Market Clarity Act" Has Greater Significance for the Banking Industry Than for the Crypto Sector
ChainCatcher News, former U.S. Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo said that the current deadlock over the Digital Asset Market Clarity Act has far-reaching implications for the banking industry than for the crypto sector. He pointed out that banking legal advisors are informing boards that without regulatory certainty, they cannot invest billions of dollars in building digital payment infrastructure.
The bill has been stalled since this year, with controversy over whether to allow crypto companies to pay rewards to stablecoin holders—banks worry this could lead to capital outflows and demand a “fair competitive environment,” while crypto companies like Coinbase strongly oppose this.
Giancarlo warned that if banks continue to resist, related crypto businesses will shift to Europe and Asia, leaving U.S. banks in a more passive position. He estimates the bill has about a 60-40 chance of passing but noted that both sides have missed the White House deadline, and many issues remain unresolved.