Gate News reports that on March 9, former CFTC Chairman Christopher Giancarlo stated that the stalled U.S. Digital Asset Market Clarity Act actually has a greater demand from banks than from crypto companies. Giancarlo pointed out that the banks’ general counsel has clearly informed the board that, without regulatory certainty, banks cannot invest billions of dollars to build digital payment infrastructure. Currently, the bill is at an impasse over the controversy of whether to allow crypto companies to pay rewards to stablecoin holders. The Senate Banking Committee proposed banning such rewards to prevent bank fund outflows, but this was opposed by the crypto industry. Giancarlo warned that if the bill remains blocked due to bank resistance, crypto businesses will shift to Europe and Asia. He estimated the bill has about a 60% chance of passing and mentioned that relevant parties have missed the White House’s March 1 deadline.
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