web3: Citigroup Supports U.S. Senate in Advancing Crypto Clarity Bill

CoinWorld reported:

Citigroup has once again publicly expressed its stance on U.S. crypto legislation. The company's CEO, Jane Fraser, recently stated that she hopes the U.S. Senate will advance the "Crypto Clarity Bill" while emphasizing that Citigroup is still seeking to make some modifications to the bill's content.

Citigroup Expresses Hope for Quick Passage of the Bill

In an interview with Fox Business, Fraser mentioned that Citigroup has not given up on pushing for improvements to the bill but still hopes that a "sufficiently robust" bill can ultimately be passed. She stated that this would benefit the entire financial system.

This statement indicates that major Wall Street banks are still paying attention to the progress of legislation regarding the structure of the U.S. digital asset market. Previously, Citigroup viewed the advancement of U.S. digital asset regulations as one of the potential catalysts for institutional adoption of crypto assets.

Bill Focuses on Market Structure and Investor Protection

The "Crypto Clarity Bill" aims to provide a clearer regulatory framework for the digital asset industry while strengthening investor protection. According to the article, if the bill is passed, it could enhance investor confidence in the crypto market.

The U.S. crypto industry has long faced issues with unclear regulatory guidelines, and incidents of fraud and hacking have continued to affect the market's image. Against this backdrop, the advancement of the market structure bill is seen as a step in the industry's compliance process.

Citigroup Previously Downgraded Bitcoin and Ethereum Price Targets

Despite Citigroup's constructive attitude towards the legislative outlook, its assessment of crypto asset prices has recently become more cautious. On July 1, Citigroup lowered its 12-month Bitcoin price target from $112,000 to $82,000 and its Ethereum price target from $3,175 to $2,240.

The article also mentioned that over the past 365 days, the total market capitalization of the global crypto market has shrunk by more than $2 trillion. There is widespread concern about whether progress on the U.S. market structure bill will improve expectations for institutional participation and provide support for market sentiment.