Former CFTC Chairman: "The Digital Asset Market Clarity Act" Has Greater Significance for the Banking Industry Than for the Crypto Sector

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Deep Tide TechFlow News, March 9, According to CoinDesk, former U.S. Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo stated that the significance of the stalled Digital Asset Market Clarity Act for the banking industry far exceeds its impact on the crypto sector. He pointed out that banking legal advisors are informing boards that without regulatory certainty, they cannot invest billions of dollars in building digital payment infrastructure.

The bill has been at a standstill since January this year, with controversy over whether to allow crypto companies to pay rewards to stablecoin holders—banks worry this could lead to capital outflows and demand a “fair competitive environment,” while crypto companies like Coinbase strongly oppose this.

Giancarlo warned that if banks continue to resist, related crypto businesses will shift to Europe and Asia, leaving U.S. banks in a more passive position. He estimates the bill has about a 60-40 chance of passing but noted that both sides have missed the March 1 deadline set by the White House, and many issues remain unresolved.

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