CITIGROUP CEO: STABLE CURRENCY INCENTIVES BILL WILL BENEFIT THE FINANCIAL SYSTEM

Citigroup CEO Jane Fraser stated that, while efforts were still under way to amend the article of the Clarity Act on the incentive for a stable currency, it hoped that a well-developed bill would be adopted and that the relevant legislation would benefit the financial system. The bill's compromise formula prohibits the platform from paying incentives solely because the user holds a stable currency, but allows for incentives based on transactions and payments. Fraser stated that the incentive to stabilize currency deposits could lead to the outflow of funds from traditional banks and undermine the ability of banks to provide loans and credit in some areas。