Key facts
- Citigroup CEO Jane Fraser wants the crypto Clarity Act to become law.
- Fraser stated that improvements are needed but expressed a desire for a "good bill to go through."
- The banking executive highlighted the need for regulation that supports innovation and safe adoption of digital assets.
- Concerns from the banking lobby regarding crypto companies offering yield on stablecoins have been a sticking point.
- Fraser acknowledged that such reward systems could negatively impact small banks.
- The Clarity Act is expected to face a vote in September after failing to pass before recess.
Citigroup CEO Jane Fraser has indicated that the bank supports the passage of the crypto Clarity Act, provided it is a "good bill." Speaking on August 14, 2026, Fraser emphasized the importance of regulations that foster innovation while ensuring the safe adoption of digital asset technologies. She noted that while improvements are still necessary, Citigroup is committed to working towards getting the legislation enacted.
A significant hurdle for the bill has been opposition from the banking lobby, particularly concerning the practice of crypto companies offering yield on stablecoin holdings. U.S. banks fear losing customers to crypto exchanges if these platforms offer more attractive deposit products. Fraser echoed these concerns, stating that such reward systems could have a "detrimental effect" on small banks.