Diamond Backs Clarity Act, Says Banking Industry Will Benefit from Blockchain

Former Barclays CEO Bob Diamond has expressed support for the Clarity Act, a bill aimed at establishing a comprehensive regulatory framework for digital assets in the United States. In an appearance on CNBC's 'Squawk Box,' Diamond stated that the legislation would benefit the banking industry.

Diamond argued that banks stand to gain from the Clarity Act, which has stalled in the Senate due to opposition from the banking industry. He noted that the world's largest financial institutions are already preparing for blockchain-based finance, with companies like JPMorgan and Morgan Stanley investing heavily in innovation.

The former Barclays CEO highlighted several advantages of blockchain technology, including 24/7 trading and instantaneous settlement. He also praised its transparency, stating that it creates a permanent record of every transaction.