Citigroup has publicly reiterated its stance on U.S. cryptocurrency legislation. Recently, CEO Jane Fraser expressed hope that the U.S. Senate will advance the Crypto Clarification Act, while emphasizing that Citigroup continues to advocate for certain modifications to the bill's provisions.
Citibank expressed hope that the bill will be enacted as soon as possible.
Fraser, in an interview with Fox Business, said that Citibank has not given up on pushing for improvements to the bill, but still hopes that a "sufficiently robust" bill will ultimately pass. She stated that this would benefit the entire financial system.
This statement indicates that major Wall Street banks continue to monitor the progress of legislation on the structure of the U.S. digital assets market. Previously, Citibank has viewed the advancement of U.S. digital asset regulations as one potential catalyst for institutional adoption of crypto assets.
The bill focuses on market structure and investor protection.
The Clear Crypto Act aims to provide a clearer regulatory framework for the digital assets industry while strengthening investor protection. According to the article, if passed, the bill could boost investor confidence in the cryptocurrency market.
The U.S. crypto industry has long faced unclear regulatory guidance, and incidents such as fraud and hacking have continuously impacted its market reputation. Against this backdrop, the advancement of the Market Structure Bill is seen as a step toward industry compliance.
Citibank previously lowered its price targets for Bitcoin and Ethereum.
Although Citibank maintains a constructive outlook on the legislative前景, its assessment of cryptocurrency asset prices has recently become more cautious. On July 1, Citibank lowered its 12-month Bitcoin price target from $112,000 to $82,000 and reduced its Ethereum price target from $3,175 to $2,240.
The article also noted that over the past 365 days, the total market capitalization of the global crypto market has declined by more than $2 trillion. Market participants are closely watching whether progress on the U.S. Market Structure Act could improve expectations for institutional participation and provide support to market sentiment.