Consumer complaint received 2026-02-08 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: CITIBANK, N.A.
State: DC

Complaint narrative:
I am filing this formal complaint against Citigroup XXXX for engaging in anticompetitive practices, including lobbying and public advocacy that obstruct the passage of the Digital Asset Market Clarity Act of XXXX ( CLARITY Act, H.R. 3633 ), hindering financial innovation in digital assets, and opposing President Trump 's pro-crypto agenda. These actions violate federal antitrust laws by suppressing competition from stablecoins and crypto products, harming consumers through reduced access to higher-yield financial options and perpetuating banking monopolies. I request a CFPB investigation, coordination with the DOJ XXXX  Division, and penalties to safeguard consumer interests and promote innovation. 

Detailed Description of the Issue : The CLARITY Act seeks to establish a regulatory framework for digital assets, clarifying oversight between the SEC and CFTC, defining digital commodities, and enabling innovation while protecting investors. It passed the House on XX/XX/XXXX, but has stalled in the Senate due to opposition from traditional banks, including Citigroup. 

Citigroup has actively opposed provisions allowing yields or rewards on stablecoins, viewing them as a threat to bank deposits. Citi analysts have warned that stablecoin yields could accelerate deposit flight, pressure credit creation, and delay or derail the CLARITY Act beyond XXXX. CEO XXXX XXXX limited engagement with crypto leaders, reflecting resistance to competition from higher-yield stablecoin products. 

This opposition aligns with Citigroup 's lobbying efforts through groups like the XXXX XXXX XXXX, contributing to efforts to shape or restrict stablecoin frameworks in the CLARITY Act and related bills. The bank participated in White House meetings and industry discussions to push for limits or bans on stablecoin yields, blocking competition from XXXX innovators. 

These actions contradict President Trump 's crypto agenda, which aims to make the U.S. the " crypto capital of the world '' through supportive legislation like the CLARITY Act. Trump has urged Congress to pass such bills, yet Citigroup 's resistance persists, prioritizing market dominance over national innovation goals. 

By suppressing crypto competition, Citigroup harms consumers : banks offer low yields ( e.g., 0.07 % on savings ) while profiting from higher-return investments. Stablecoins could provide up to 4 % yields, but Citigroup 's efforts maintain artificially low returns, higher fees, and limited choices, exacerbating financial inequality. 

Legal Violations and Supporting Facts : 1. Violation of the Sherman Antitrust Act ( 15 U.S.C. 1-7 ) : - Section 1 prohibits contracts, combinations, or conspiracies in restraint of trade. Citigroup 's coordinated lobbying with banking groups constitutes a conspiracy to restrain trade by blocking stablecoin competition.

- Section 2 addresses monopolization ; actions protect dominance over deposits, denying consumers fintech alternatives.

- Evidence includes analyst reports and participation in White House meetings to influence CLARITY Act outcomes against yields.

2. Violation of the Clayton Antitrust Act ( 15 U.S.C. 12-27 ) : - Prohibits practices that substantially lessen competition. Citigroup 's advocacy creates barriers for crypto entrants, as noted in industry analyses accusing banks of protectionism.

3. Consumer Harm Under CFPB Authority ( 12 U.S.C. 5531 ) : - Unfair, deceptive, or abusive acts or practices ( UDAAP ) : indirectly enables overcharging via suppressed innovation.

- Consumers miss trillions in better-yield opportunities, exacerbating financial inequality.

- Opposes Trump 's agenda for U.S. crypto leadership, harming public interest in innovation. 

Evidence and Sources : - Citi analysts on CLARITY Act delay : XXXX XXXX XXXX - White House meetings including Citigroup : XXXX : XXXX - Banks lobbying on stablecoin yield : XXXX XXXX XXXX XXXX XXXXXXXX interactions and opposition : XXXX XXXX XXXX  - Banking groups pushing bans : XXXX XXXX XXXX XXXX Big banks lobbying boost : XXXX XXXX XXXXXXXX - Crypto bill stalemate : XXXX XXXX XXXXXXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation