Former CFTC Chairman Chris Giancarlo emphasized the urgent need for clear cryptocurrency regulations for banks, warning that without them, banks may struggle to invest in the sector. Speaking on March 9, Giancarlo noted that even if the Senate's CLARITY bill does not pass, the crypto industry will continue to grow, but banks may delay investments due to legal uncertainties. Giancarlo cautioned that U.S. banks risk falling behind their Asian and European counterparts if they do not adopt crypto applications promptly. He suggested that in the absence of the CLARITY bill, temporary rules from SEC Chairman Paul Atkins and CFTC Chairman Mike Selig could provide short-term guidance, potentially boosting industry development despite lacking long-term legislative certainty.