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Former CFTC Chair claims banks need clearer regulation more than the crypto industry, but is the argument valid?

Former CFTC Chairman Chris Giancarlo believes that American banks are unable to develop cryptocurrency businesses due to unclear regulations, but this argument requires multiple premises. Giancarlo mentioned the competitive pressure from Asia and Europe and the progress of the CLARITY Act, pointing out that regulatory uncertainty is not the only obstacle. Additionally, his claim needs to meet conditions such as the necessity for banks to enter the crypto market, which currently lacks sufficient evidence to support.

The U.S. Treasury Department recognizes mixers as having legitimate privacy uses but still recommends Congress establish a freezing law to control suspicious crypto assets.

The U.S. Department of the Treasury recently acknowledged for the first time in a report the legitimate privacy uses of cryptocurrency mixers and suggested that Congress establish a "Freezing Law" to temporarily freeze suspicious digital assets. The report states that legitimate users can utilize these tools to protect financial privacy, but also expresses concerns about money laundering risks associated with non-custodial mixers. The debate over privacy issues continues, and the legal responsibilities of open-source tool developers remain unclear.

South Korea plans to allow companies to invest in cryptocurrencies! But they are not allowed to buy USDT and USDC. What is the reason behind this?

South Korea's financial regulatory authorities plan to lift restrictions on corporate investments in crypto assets, but stablecoins like $USDT and $USDC will be excluded mainly due to foreign exchange regulations and capital outflow concerns. Although there is corporate demand for stablecoins, regulators worry that this move could increase speculative risks. Under current laws that have not been amended, the use of stablecoins remains uncertain.

South Korean President Lee Jae-myung made several policy statements, including seeking alternative sources of crude oil and implementing fuel price caps.

Gate News Report, March 9th, South Korean President Lee Jae-myung issued multiple policy statements. Lee Jae-myung stated that he will quickly seek alternative crude oil sources besides the Strait of Hormuz; will swiftly implement fuel price caps; has ordered proactive measures to address the increasing volatility in financial and foreign exchange markets; and if necessary, will expand the 1,000 trillion won market plan.

Former CFTC Chairman Warns: Without Clear Cryptocurrency Regulations, U.S. Banking Sector May Fall Behind in Global Financial Competition

Former CFTC Chairman Giancarlo stated that a clear regulatory framework for cryptocurrencies is crucial for the U.S. banking system. The lack of regulation could cause the U.S. to fall behind Asia and Europe in financial innovation. He pointed out that banks find it difficult to make large-scale investments in blockchain technology in an uncertain legal environment and warned that the U.S. might be forced to follow global digital financial trends. Even if the Crypto Market Structure Act does not pass, regulatory agencies may still implement temporary policies, but these cannot replace a stable legislative framework.