Former CFTC chair: US banks need crypto clarity to avoid falling behind in payments

Former U.S. Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo said American banks must secure regulatory clarity on cryptocurrencies to avoid being left behind in payments innovation. According to Cointelegraph, Giancarlo stated on a recent podcast that while the crypto market can grow amid regulatory uncertainty, the conservative banking sector cannot make multi-billion dollar investments without clear rules. He warned that if the pending CLARITY Act on crypto market structure does not pass the Senate, the U.S. banking sector could cede its leadership in the payments market to Europe and Asia. Giancarlo explained that if the bill fails, regulators might establish their own rules, but this would be unlikely to provide the same level of certainty as legislation.