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Former CFTC Chairman: The "Digital Asset Market Clarity Act" has far greater significance for the banking industry than for the cryptocurrency sector
Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo stated that the currently stalled "Digital Asset Market Clear Act" holds greater significance for the banking industry than for the cryptocurrency sector. He pointed out that bank legal advisors are informing boards that without regulatory certainty, they cannot invest billions of dollars in building digital payment infrastructure.
The bill has been stalled since this year, with the main point of contention being whether to allow cryptocurrency companies to pay rewards to stablecoin holders—banks are concerned that this move will lead to capital outflows and are demanding a "level playing field," while cryptocurrency companies like Coinbase strongly oppose this.
Giancarlo warned that if banks continue to resist, related cryptocurrency businesses will shift to Europe and Asia, leaving U.S. banks in a more passive position. He estimated the probability of the bill eventually passing to be about 60-40, but noted that both sides have missed the deadline set by the White House and there are still many issues to resolve.
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