Clarity Act will benefit banks more than crypto, former CFTC chair says

Former CFTC Chair Christopher Giancarlo says banks, more than crypto firms, need the stalled Digital Asset Market Clarity Act. What to know : Former CFTC Chair Christopher Giancarlo said banks need the stalled Digital Asset Market Clarity Act more than crypto firms. Passage of the bill will provide the regulatory certainty required to invest in new digital payment infrastructure. The bill is stuck on whether crypto firms can pay rewards to stablecoin holders, which banks fear could spur capital flight. Giancarlo said there's a risk activity will shift to Europe and Asia, and he put the bill’s chances of passing at roughly 60-40 after missing a White House deadline.