Citigroup CEO Fraser: Hopes the "Clarity for Payment Stablecoins Act" passes, but remains concerned about stablecoin reward issues.
Citigroup CEO Jane Fraser said she hopes the landmark cryptocurrency legislation passes into law, but she and others are still pushing for changes to the bill. Fraser expressed concern about the bill's treatment of stablecoin rewards, arguing that a reward system for deposits could adversely affect bank deposits, which in turn could impact banks' ability to provide loans and credit in some parts of the U.S. Previously, senators had reached a compromise on stablecoin rewards in the Lummis-Gillibrand bill, stipulating that platforms cannot pay rewards solely for holding assets, but can pay rewards for transactions and payments. The U.S. Senate is expected to hold a procedural vote on the bill next month.
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