Citi Joins Ranks of Major Banks Backing CLARITY Act

Citibank CEO Jane Fraser has publicly stated her support for the CLARITY Act, calling for regulation that supports innovation and encourages safe adoption of digital assets.

The $3 trillion institution's backing is significant as it joins other major financial institutions like BlackRock, Goldman Sachs, Fidelity, Franklin Templeton, and SoFi in supporting the bill.

Fraser expressed concerns about a rewards provision that could affect smaller banks, saying it 'could have a detrimental impact on their deposits and therefore their ability to provide lending and access to credit in parts of the US that crypto won't reach.'

Sher wants fair competition, with the same activity governed by the same rules regardless of who is conducting it. She also cited financial crime as another priority.