Former CFTC Chair Chris Giancarlo Says US Banks Need Regulatory Clarity More Than Crypto Firms

The US Digital Asset Market Clarity Act, or CLARITY Act, aims to divide regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission, giving banks and crypto companies clear compliance pathways. The House passed the bill by a 294–134 vote on July 17, 2025. Its fate could determine whether the United States retains investment in digital payment infrastructure.

Former CFTC Chair Chris Giancarlo said in a March 8, 2026, interview that bank lawyers would not allow boards to commit billions of dollars to building digital payment rails without clear rules. Banks therefore need the legislation more than the crypto industry, he said. Giancarlo estimated its chances of passage at about 60%. At the time, the bill had been stalled since January over whether crypto companies should be barred from paying rewards to stablecoin holders to prevent bank deposit outflows.