Citigroup CEO Backs CLARITY Act as Stablecoin Reward Debate Persists

The Digital Asset Market Clarity Act, or CLARITY Act, seeks to divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission, a step seen as central to a national US crypto rulebook. For Citigroup and other large banks, the treatment of stablecoin rewards matters because interest-like payouts could draw deposits away from lenders, reshape payments and affect financial stability.

Citigroup Chief Executive Jane Fraser said she wants “a good bill” to pass, signaling support for legislation even as banks and crypto firms continue to seek changes. The Senate Banking Committee advanced the measure 15-9 in May 2026. On July 14, the American Bankers Association, the Independent Community Bankers of America and 76 state banking associations again urged senators to tighten language governing stablecoin rewards, including payments linked to balances or holding periods.