Citigroup CEO Jane Fraser has said that while some improvements need to be made to the crypto Clarity Act, the bank wants a “good bill to go through.”
The banking executive said that the bank was a “leader in digital assets” so wanted “safe adoption” of the technology.
Lawmakers were trying to get a vote on the Clarity Act through before splitting for recess last week but ran out of time. A vote will now take place in September.
“We want to have good regulation that supports innovation and also encourages the safe adoption of the capabilities of digital assets,” Fraser said.
“I think it would be excellent for the system.”
A sticking point for the bill has been from the banking lobby, who raised concerns over crypto companies paying customers yield for holding stablecoins. U.S. banks have said they could lose customers if crypto exchanges offer more attractive products for their deposit base.
Fraser reiterated the point on Friday, saying that small banks play an important role in the U.S. and a reward system on deposits could have a “detrimental effect.” But she added: “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.”
America’s biggest crypto exchange, Coinbase, pulled support for the bill in January after clashing with banking chiefs who said that earning yield on stablecoins should be banned.
The Clarity Act was passed last year by the House of Representatives but has been deadlocked since 2026.
Still, the bill has been worked on by both Republicans and Democrats — despite crypto legislation being something pushed by pro-crypto President Donald Trump.
Major institutions, including Fidelity and Goldman Sachs, as well as crypto lobby groups and politicians, have said the revised bill works in its current form.
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