Giancarlo Warns Crypto Industry Against Overreliance on CLARITY Act

Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC), has urged the cryptocurrency industry to stop relying on the CLARITY Act as a make-or-break piece of legislation. The bill, which aims to provide clarity for digital assets, has been stalled in the Senate since its 15-9 committee vote in May.

Giancarlo compared the situation to the growth of the internet, which flourished without an authorizing statute. He noted that innovation will continue regardless of the bill's passage or failure. 'The industry is running around saying we need clarity, we need clarity,' Giancarlo said. 'Yeah, we do. But the internet is still happening and there's never been an authorizing statute 30 years later.'

Giancarlo, however, still supports the CLARITY Act and wants it to pass, partly because it would codify his own fintech office, LabCFTC, which he created in May 2017. He also warned that legislation can bring unwanted surveillance and that the proposed law applies an overly broad standard to digital asset transactions.