US President Joe Biden has announced that he will not veto the FIT21 crypto bill if it is passed. Moreover, the Biden administration released a statement calling for Congressional collaboration on a “comprehensive and balanced regulatory framework for digital assets.”
The Financial Innovation and Technology for the 21st Century Act represents a notable step forward for crypto regulation in the United States. Although the White House has noted that it is against the bill, it has also signified that Biden will not veto the legislation if it passes in the US House of Representatives today.
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Biden Opts to Not Veto FIT21 Bill in Notable Shift
With the 2024 presidential election fast approaching, digital assets have become an important topic. Indeed, both sides of the political aisle have clearly expressed their stance on the matter. However, that has now seen some interesting shifts take place.
US President Joe Biden has stated that he will not veto the impending FIT21 crypto bill, in what is certainly a shift in perspective from the commander in chief. In a statement, Biden expressed his desire to work alongside Congress to establish regulation for the asset class in the modern economy.
“The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on editing authorities,” the statement noted. Furthermore, it states that such action would “prompt the responsible development of digital assets and payment innovation” in the country.
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However, Biden did also express his opposition to the FIT21 bill. Specifically, the White House noted trepidations regarding investor protection. Still, the approach is certainly a necessary alteration, with the industry long calling for Congressional interference amid the US Securities and Exchange Commission’s (SEC) regulation by enforcement approach.
The White House has also published an administrative statement addressing H.J. Res. 109. Specifically, that legislation would abolish SEC guidance and has received resounding support as it passed through both the House and Senate. However, the Biden Administration has already threatened a veto, aligning with the agency, and its controversial chair, Gary Gensler.