Citigroup CEO Fraser on Clarity Act: ‘We would like to see a good bill go through,’ as stablecoin reward issues simmer
Citigroup CEO Jane Fraser says she would like to see a crypto bill passed into law, even as she and others continue to fight for changes.
Citigroup CEO Jane Fraser expressed her support for a comprehensive cryptocurrency bill, the Clarity Act, despite concerns about stablecoin rewards. The bill, which passed the Senate, aims to regulate stablecoins and prevent them from diverting deposits away from traditional banks. However, Fraser remains worried that any rewards tied to holding stablecoins could negatively impact banks' lending and credit access in underserved areas.
She believes the legislation would benefit the overall system, but she is not giving up on pushing for improvements. The issue of stablecoin rewards has been a point of contention in the negotiations, with crypto firms arguing that restricting rewards would hinder innovation, while banks warn that rewards could erode deposits.
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