Former CFTC Chairman Says Odds of CLARITY Act Passing Are Below 50%
Summary
- Former CFTC Chairman Christopher Giancarlo said the odds of passage for the digital-asset market-structure bill, the CLARITY Act, are below 50%.
- Giancarlo said that even if the bill does not pass, innovation in the digital-asset industry can continue under the current regulatory framework of the U.S. Securities and Exchange Commission (SEC) and the CFTC.
- He said that even if a future administration hostile to virtual assets, or cryptocurrencies, takes office, it would be difficult to reverse the regulatory groundwork and industry progress built over the next two years.
Forecast Trend Report by Period
Former Commodity Futures Trading Commission Chairman Christopher Giancarlo said the odds of the CLARITY Act passing are below 50%.
Eleanor Terrett, host of Crypto in America, said on July 22 that Giancarlo sees a greater than 50% chance the digital-asset market-structure bill will fail to pass.
Even so, Giancarlo said that would be "okay." Innovation in the digital-asset industry can continue under the current regulatory framework set by the U.S. Securities and Exchange Commission and the CFTC, he said.
Giancarlo also said that even if a future administration hostile to virtual assets, or cryptocurrencies, takes office, it would be difficult to undo the regulatory foundation and industry progress built over the next two years.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.