Banks need Clarity Act more than crypto
According to former Commodity Futures Trading Commission (CFTC) Chair Christopher Giancarlo, the passage of the Digital Asset Market Clarity Act (Clarity Act) will benefit traditional financial institutions more than cryptocurrency companies.
Giancarlo, known as 'Crypto Dad' for his pro-crypto stance during his tenure, stated that at the current stage of the crypto market's development, banks 'need this law the most'. In his view, it will clarify the legal framework for the adoption and use of digital assets in the traditional financial system.
'Banks are currently confused about how to deal with digital assets. They need clarity and certainty on this issue. The Clarity Act is precisely intended to provide this certainty,' Giancarlo explained.
On the other hand, cryptocurrency companies have already learned to operate in an environment of regulatory uncertainty and can adapt to various legal regimes. Therefore, in Giancarlo's opinion, the Clarity Act will be less needed by crypto firms.
Overall, the expert believes that the adoption of this law will be an important step towards wider implementation of digital assets in the traditional financial system.