Former CFTC Chair: Innovation Continues Despite Clarity Act Failure

The US Senate's handling of the 'Clarity Act' has stalled, but there is an expectation that the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will continue to build a virtual asset regulatory system centered around them.

On May 15 (local time), according to Eleanor Tett of Crypto in America, former CFTC Chairman Christopher Giancarlo said it was disappointing that the Senate failed to pass the Clarity Act but emphasized that 'the march of innovation in the US cannot be stopped.'

Giancarlo highlighted the roles of the SEC and CFTC after legislative failure. He stated that SEC Chair Gary Gensler and CFTC Chairman Michael Saylor are determined to fulfill their mandates and establish a sound regulatory framework.

He further stressed that this regulatory system would ensure 'financial innovation, market modernization, and economic growth occur within the bounds of US law.'