Former U.S. Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo says the biggest hurdle for crypto today isn't innovation or adoption — it's the absence of clear rules. He called the Clarity Act the most important piece of legislation for the sector, estimating a 60% chance of passing Congress.
Dividing SEC and CFTC Turf
Speaking on Scott Melker's podcast, Giancarlo explained the bill's core purpose: separating oversight between the SEC and CFTC over digital assets. “If nothing else, we need to clarify the rules, the guardrails between the CFTC and the SEC,” he said. The current overlap leaves projects and investors in legal limbo.
House Passed, Senate Next
The Clarity Act cleared the U.S. House of Representatives in July 2025 and now sits with the Senate Committee on Banking, Housing, and Urban Affairs. If approved, it heads to President Donald Trump for signature. Giancarlo called this stage the toughest — defining market structure is far harder than passing basic crypto bills. He named SEC Chair Paul Atkins and CFTC Commissioner Mike Selig as leaders who might craft temporary frameworks if Congress stalls.
Institutional Adoption Needs Clarity
Without a law like the Clarity Act, Giancarlo warned, institutional adoption could remain limited. His 60-40 odds reflect Washington's political divide, but he remains cautiously optimistic. The legislation would provide long-term legal certainty for digital assets within the U.S. financial system. He added that political conflicts are the main delay factor, yet agency action could fill the gap if Congress fails — though that's a second-best outcome.