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 in an interview with Fox 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.
"I think it would be excellent for the system." The issue around stablecoin rewards — which allow users to earn interest on deposited funds — has resurfaced repeatedly over the past year in bill negotiations.
Banks have warned that rewards will draw deposits away from traditional banks, while crypto firms say that restricting those rewards would hamper innovation — setting up a clash between two big players now in Washington.
