CLARITY Act · White House · JPMorgan · Jamie Dimon · The Block
There was no discussion of yield in the Clarity Act on the House side," she told The Block
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Some Republican senators, who have historically backed banks, now face a choice between crypto and banks.
Key facts
- There was no discussion of yield in the Clarity Act on the House side," she told The Block
- John Curtis said he likes crypto but also likes his banks, while South Dakota Sen
- Other bank leaders, such as JPMorgan Chase CEO Jamie Dimon, have taken a hard line against Clarity
- Blockchain Association CEO Summer Mersinger said the issue could be spotlighted when the bill goes back to the House for a vote, if it passes the Senate
Summary
Citigroup CEO Jane Fraser says she would like to see landmark cryptocurrency legislation passed into law, even as she and others continue to fight for changes, as the debate over how to treat stablecoin yields simmers ahead of a procedural vote next month on the bill. On Thursday morning Business, Fraser said that while she is worried about the bill’s treatment of stablecoin rewards, she believes legislation would be beneficial overall. "So, we have not given up on pushing to get some improvements made to the bill, but we would like to see a good bill go through," Fraser said. The issue around stablecoin rewards, which allow users to earn interest on deposited funds, has resurfaced repeatedly over the past year in bill negotiations. Fraser, however, said she remains concerned about the potential impact on deposits.