Joe Biden and the White House Oppose Pro-Crypto Legislation
The White House has just released a statement indicating its opposition to the implementation of the cryptocurrency market structure bill, also known as the Financial Innovation and Technology for the 21st Century Act (FIT21), without threatening to veto it.
Opposition and Openness
The administration is concerned about the security of investors and consumers participating in crypto transactions. According to the statement, ‘the current form of the bill does not provide sufficient protections for consumers and investors involved in cryptocurrency transactions.’
Despite its position, the White House expresses openness to discussion in the creation of a more coherent bill. The administration is willing to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote responsible development of digital assets and innovation in payment, and help strengthen the United States’ position in the global financial system.
The SEC’s Position on the Bill
The SEC Chairman, Gary Gensler, has also released a statement firmly opposing the bill. According to him, the bill would harm the SEC’s efforts to regulate both traditional and crypto markets.
The FIT21 bill aims to redefine how crypto issuers must comply with existing federal law and Supreme Court precedents. Supporters of the bill argue that crypto companies cannot operate without the risk of civil lawsuits, a viewpoint that Gary Gensler obviously disputes.
The bill will be submitted to the House of Representatives for a vote on Wednesday night.
