Citigroup once again made a public statement about the encryption legislation in the United States. The chief executive officer of the company, Jane Fraser, recently expressed the hope that the United States Senate would push for the adoption of the Encrypted Clarity Act, while stressing that Citi was still seeking some changes to its content.
Citi hopes the bill will land soon.
In an interview with Fox Business, Fraser stated that Citicorp had not given up pushing for the bill to be perfect, but nevertheless hoped that a “stable enough” bill would finally be passed. She said that that would benefit the financial system as a whole.
This statement shows that large banks on Wall Street are still following the progress of digital asset market structure legislation in the United States. Citi previously considered the advancement of the United States digital asset rule as one of the potential catalysts for the use of encrypted assets by institutions.
The Bill focuses on market structure and investor protection
The Encryption Clearing Bill aims to provide a clearer regulatory framework for the digital asset industry, while enhancing investor protection. According to the article, the passage of the bill could increase investor confidence in the encryption market.
The United States encryption industry has been faced with long-standing problems of poorly regulated regulation, and incidents such as fraud, hacker attacks and so on continue to affect the image of the market. In this context, the advancement of the Market Structure Act was seen as a step in the process of industry compliance.
Citi flag was reduced to bitcoin and Etherwood target price.
Despite Citi ' s constructive attitude to the legislative outlook, its judgement on the price of encrypted assets has recently become more cautious. On 1 July, the flag lowered the target price of bitcoin for the next 12 months from $112,000 to $82,000, and the target price of the Taifaf from $3175 to $2240.
The article also mentioned that, over the past 365 days, the total market value of the global encrypted market had shrunk by more than $2 trillion. There is widespread concern in the market that if the United States market structure bill moves forward, it will improve institutional engagement expectations and support market sentiment.