Techub News reports that former Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Christopher Giancarlo stated that if the Digital Asset Market Clarity Act, which aims to regulate digital assets, is passed, the banking industry will benefit more than the cryptocurrency industry.

"Banking needs this legislation more than cryptocurrencies," Giancarlo said on the Sunday episode of the "Wall Street Wolf" podcast. "Bank's general legal counsel is emphasizing to the board: without regulatory certainty, they cannot invest billions of dollars in building digital infrastructure. Banks cannot afford the risks brought by regulatory uncertainty."