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Banks Need CLARITY Act More Than Crypto Industry: Former CFTC Chief

Guavy AI Editorial Team
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The CLARITY Act has stalled in negotiations between the crypto industry and banks. Former CFTC chief Christopher Giancarlo believes that banks need this legislation more than the cryptocurrency industry.

Giancarlo stated that banks are hesitant to develop crypto infrastructure due to regulatory uncertainty, citing the risk of being sued or called out by regulators.

He added that if banks resist engagement with crypto legislation, innovation could shift to other regions such as Europe or Asia, leaving American banks at a disadvantage.

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