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Former Commodity Futures Trading Commission Chair Christopher Giancarlo argued that existing regulatory powers could support U.S. crypto innovation without any new legislation.

“I’m quite satisfied that Clarity Act didn’t pass. We’re going to be just fine,” he said.

Speaking to Cointelegraph at SALT London on Nov. 10, Giancarlo said the bill became too complicated as lawmakers tried to satisfy competing interests.

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The legislation lost support after months of negotiations and attempts to accommodate different industry groups.

Giancarlo does not expect the…