[Former CFTC Chairman: Regulatory Clarity for Cryptocurrency Is More Important for Banks] According to Cointelegraph, former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Chris Giancarlo, stated that banks are the institutions most in need of regulatory clarity for cryptocurrencies. Without clear rules, banks will struggle to allocate funds. He noted that even if the Senate's CLARITY Act fails to pass, the crypto industry will continue to develop, but legal departments within banks may advise their boards to delay investments. Giancarlo warned that if U.S. banks delay too long in adopting crypto applications, other countries in Asia and Europe will advance ahead, leaving the U.S. banking system behind. Digital infrastructure will be established, and U.S. banks will find that their identity- and message-based systems can no longer operate abroad, forcing them to play catch-up. If the CLARITY Act does not pass, he expects SEC Chairman Paul Atkins and CFTC Chairman Mike Selig to formulate temporary rules. While these rules cannot provide long-term legislative certainty, they could temporarily drive industry development.