Former CFTC commissioner says crypto innovation will continue without CLARITY Act

Former U.S. Commodity Futures Trading Commission Commissioner Chris Giancarlo criticized the crypto industry’s fixation on the CLARITY Act, saying crypto innovation and growth will continue even without the bill, according to BeInCrypto. Giancarlo said the legislation would be welcome, but noted there is still no internet-specific law even 30 years after internet innovation began. Giancarlo added that a blockchain-based financial transition will eventually take place even if the CLARITY Act does not pass. Meanwhile, with the U.S. Senate’s schedule now set ahead of its recess scheduled for Aug. 10, a decision on whether to place the CLARITY Act on the Senate floor agenda appears likely within the next 72 hours.