Former Commodity Futures Trading Commission chairman Chris Giancarlo said US banks urgently need clear cryptocurrency regulations to invest in the technology and remain competitive in global payments.
Speaking on Scott Melker’s The Wolf Of All Streets podcast, Giancarlo said the crypto industry will continue developing regardless of legislation, but banks are constrained by regulatory uncertainty.
He argued that without clear rules banks will hesitate to commit large investments to blockchain infrastructure and digital asset services.
“The banks, however, can't afford regulatory uncertainty,”
Said former CFTC chairman, Chris Giancarlo, adding:
“Their general counsels are telling their boards, you can't invest billions of dollars in this unless you've got regulatory certainty.”
Giancarlo warned that delays in adopting digital financial infrastructure could allow banks in Europe and Asia to move ahead while the US financial system lags behind.
The proposed crypto market structure bill known as the CLARITY Act passed the House of Representatives in July 2025 but remains under consideration in the Senate Banking Committee.
Giancarlo said that if the legislation fails, leaders at the Securities and Exchange Commission and the Commodity Futures Trading Commission could still create regulatory frameworks to provide temporary clarity for the industry.