Crypto Clarity Act Gains Momentum as Citibank and JPMorgan Back Senate Passage

Citibank is calling for greater regulatory clarity in the U.S. crypto market by urging the Senate to pass the Crypto Clarity Act.

The bank's CEO, Jane Fraser, has publicly backed passage of the bill, stating that it would be 'excellent for the system.'

Franzer also expressed concerns about stablecoin rewards, warning that a reward system on deposits could have a 'detrimental impact' on traditional lenders.

Citibank is not alone in its support for the bill. JPMorgan has also issued a warning to lawmakers, stating that continued delays pose an increasing threat to the country's crypto industry and broader financial innovation.