US Banks Need Clear Crypto Rules to Stay Ahead, ex-CFTC chair says

Chris Giancarlo, former chairman of the US Commodity Futures Trading Commission, warned that US banks most urgently need clear crypto rules to avoid falling behind in payment innovation. He made the remarks on Scott Melker’s The Wolf Of All Streets Podcast. Giancarlo said the crypto industry will keep building even if the Senate’s crypto market structure bill doesn’t pass, but banks will hesitate to invest without regulatory certainty.

"The banks, however, can't afford regulatory uncertainty. Their general counsels are telling their boards, you can't invest billions of dollars in this… unless you've got regulatory certainty. The banks need this more than crypto," he said. He cautioned that delays could let countries in Asia and Europe move ahead, leaving American banks on the back foot.

"Digital rails will be built. And then the American banks will say, whoa what happened here? Our analogue identity-based, message-based system is no longer working anywhere outside the US, we need to modernize.

United States, Asia, Europe

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