Citigroup CEO Jane Fraser said the bank wants the Clarity Act to become law, even as it pushes for changes on stablecoin yield rules. A Senate vote is expected in September.
Citigroup CEO Jane Fraser said the bank wants the Clarity Act to become law, even as it pushes for changes around stablecoin yield rules.
“We want to have good regulation that supports innovation and also encourages the safe adoption of the capabilities of digital assets,” Fraser said in an interview Friday. “I think it would be excellent for the system.”
The bill passed the House last year. It has been stalled in the Senate since 2026. A central dispute revolves around whether crypto firms can pay yield on stablecoins. Banks have argued that such a feature would pull deposits away from smaller lenders, particularly community banks.
Fraser acknowledged that risk. “Small banks play an important role in the U.S. and a reward system on deposits could have a detrimental effect,” she said. She added that the bank has not given up on seeking improvements. “We would like to see a good bill go through.”
Coinbase, the largest U.S. exchange, withdrew its support in January. The exchange clashed with banking chiefs over the yield clause. The disagreement has slowed momentum for what would be the first comprehensive federal framework for stablecoin compliance.
Major institutions including Fidelity and Goldman Sachs have said the revised bill works in its current form. The legislation has drawn bipartisan backing, even amid President Donald Trump’s pro-crypto posture.
Lawmakers aimed for a vote before the summer recess. They ran out of time. The Senate is expected to take up the bill in September.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.