Citigroup CEO Backs Crypto Clarity Act as Potential Catalyst for Market Rebound

Citigroup CEO Jane Fraser has expressed support for the US Senate to pass the Crypto Clarity Act, which aims to bring more regulatory clarity and investor protection to the cryptocurrency market.

In an interview with Fox Business, Fraser stated that while Citi is still pushing for changes to the bill, they want to see a robust version of the legislation passed. 'We're not giving up on pushing to get some improvements made to the bill,' she said. 'But we would like to see a good bill go through. I think it would be excellent for the system.'

The Crypto Clarity Act has been seen as a potential catalyst for institutional adoption of cryptocurrencies, and its passage is expected to help fuel a market rebound.

Citigroup had previously expressed caution on crypto prices, lowering their 12-month Bitcoin target to $82,000 from $112,000 and cutting their Ethereum target from $3,175 to $2,240.