Banks Need Clarity Act More Than Crypto Industry, Claims Former CFTC Chairman

Chris Giancarlo, a former Chairman of the Commodity Futures Trading Commission (CFTC), has made a statement on who needs the Clarity Act more between banks and the crypto industry. According to Giancarlo, banks require the legislation to stay competitive in the digital asset space.

Giancarlo pointed out that while crypto firms can move abroad and continue to thrive, banks cannot do so due to regulatory requirements. He believes that if the US doesn't pass the Clarity Act, it will give other countries an advantage in the adoption of blockchain technology.