Former CFTC commissioner says U.S. crypto can grow without CLARITY Act

Former U.S. Commodity Futures Trading Commission Commissioner Chris Giancarlo argued the U.S. crypto industry can continue to grow even if the CLARITY Act does not pass, according to Crypto Briefing. Giancarlo said the U.S. SEC and CFTC can establish a clear regulatory framework using only the authority they already hold. As support, Giancarlo pointed to the internet industry’s development without a separate comprehensive law. Giancarlo added the CLARITY Act would help improve regulatory clarity but is not essential, and regulators could pursue their own rulemaking alongside separate legislation. The bill passed the House, but action in the Senate has been delayed.