Citigroup Pushes for Robust Crypto Clarity Bill Despite Price Target Downgrades

Citigroup's CEO Jane Fraser has expressed hope that the US Senate will advance the 'Crypto Clarity Bill' despite the company seeking modifications to its content. In an interview with Fox Business, Fraser stated that Citigroup is still pushing for improvements to the bill but hopes a 'sufficiently robust' version can be passed, which would benefit the entire financial system.

The bill aims to provide a clearer regulatory framework for the digital asset industry and strengthen investor protection. If passed, it could enhance investor confidence in the crypto market, which has long faced issues with unclear regulatory guidelines and incidents of fraud and hacking.

Citigroup had previously viewed the advancement of US digital asset regulations as a potential catalyst for institutional adoption of crypto assets. However, despite its constructive attitude towards the legislative outlook, Citigroup recently downgraded its 12-month Bitcoin price target from $112,000 to $82,000 and its Ethereum price target from $3,175 to $2,240.