According to an interview on Fox Business on Thursday morning, Citigroup CEO Jane Fraser said she would like to see the Clarity Act—landmark cryptocurrency legislation—passed into law, even as concerns over stablecoin reward provisions persist. Fraser said she remains worried the bill's treatment of stablecoin yields could have a detrimental impact on traditional bank deposits and lending, though she believes overall legislation would be beneficial. "We have not given up on pushing to get some improvements made to the bill, but we would like to see a good bill go through," Fraser said. The stablecoin rewards issue has resurfaced repeatedly during bill negotiations, with banks warning that interest-bearing rewards could draw deposits away from traditional institutions, while crypto firms argue restrictions would hamper innovation. A procedural vote on the bill is expected in September.
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