Former CFTC Chairman Chris Giancarlo stated on The Wolf Of All Streets Podcast that US banks desperately need clarity in crypto regulation, or risk falling behind the rest of the world in payment innovation. Giancarlo pointed out that even if the CLARITY Act fails to pass, the crypto industry will continue to grow, but without clear rules, bank boards will hesitate to invest billions of dollars due to regulatory uncertainty. He emphasized that US financial institutions need to modernize by adopting this technology; delays will allow regions like Asia and Europe to take the lead, leaving the US banking system vulnerable. If the CLARITY Act ultimately fails to pass, SEC Chairman Paul Atkins and CFTC Chairman Mike Selig are expected to develop independent rules to provide interim guidance.