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

CoinNetwork · 2026-03-09T05:57:19+00:00

Former CFTC Chairman Giancarlo pointed out that banks urgently need clear cryptocurrency regulations. The lack of rules will delay their investments and could cause the United States to fall behind Asia and Europe in the crypto sector. He expects that even if the CLARITY Act does not pass, the SEC and CFTC will establish temporary rules to promote industry development.

CoinNetwork

2026-03-09 05:57:19

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Crypto World News, March 9 — Former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Chris Giancarlo, stated that banks are the entities most in need of clear cryptocurrency regulations. Without clear rules, banks will find it difficult to allocate funds. He pointed out that even if the Senate’s CLARITY Act fails to pass, the crypto industry will continue to grow, but legal departments within banks will advise boards to delay investments. Giancarlo warned that if U.S. banks delay too long in adopting crypto applications, other countries in Asia and Europe will advance ahead, leaving the U.S. banking system behind. A digital infrastructure will be built, and by then, U.S. banks will find their identity- and message-based systems unable to operate overseas, forcing them into passive catch-up. If the CLARITY Act does not pass, he predicts that SEC Chairman Paul Atkins and CFTC Chairman Mike Selig will establish temporary rules. Although these cannot provide long-term legislative certainty, they can temporarily promote industry development.

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