Former CFTC Chairman: Clarity in cryptocurrency regulation is more important for banks

CoinFeed reported on March 9th, citing Cointelegraph, that former CFTC Chairman Chris Giancarlo stated that banks are the institutions most in need of clarity in crypto regulation; without clear rules, banks will find it difficult to invest. He pointed out that even if the Senate's CLARITY bill fails to pass, the crypto industry will continue to develop, but bank legal departments will advise boards to postpone investments. Giancarlo warned that if US banks delay on crypto applications for too long, other Asian and European countries will advance ahead, leaving the US banking system behind. A digital track will be built, at which point US banks will find their identity- and messaging-based systems inoperable overseas, forcing them to catch up passively.