Former CFTC Chairman Says Trump Memecoin Venture Helped Sink Clarity Act
JH Kim
Summary
- Former CFTC Chairman Chris Giancarlo said President Trump’s memecoin venture affected the failure of the Clarity Act.
- Giancarlo said the relationship between President Trump’s cryptocurrency business and the administration’s regulatory policies meant the memecoin had a negative effect on the bill’s passage.
- He added that even if the Clarity Act failed, the cryptocurrency industry may not necessarily need the legislation.
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Former Commodity Futures Trading Commission Chairman Chris Giancarlo said President Donald Trump’s memecoin venture contributed to the failure of the Clarity Act, a cryptocurrency market structure bill.
Cointelegraph reported on November 10 that Giancarlo said Trump’s memecoin-related activities influenced the bill’s failure to advance.
He said the relationship between Trump’s cryptocurrency business and the administration’s regulatory agenda weighed on the bill’s prospects, adding that the memecoin hurt its chances of passage.
Giancarlo added, however, that even if the Clarity Act failed, the cryptocurrency industry may not necessarily need the legislation.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.