Today, the Office of President of the United States Joe Biden released an Administrative Policy Statement on HR 4762 – Financial Innovation and Technology Act 21 (FIT 21), a law aimed at creating clear guidelines regarding digital assets.
Now: 🇺🇸 The White House is working with Congress to "A balanced regulatory framework for digital assets." pic.twitter.com/OluzdKkqo6
— Bitcoin Magazine (@BitcoinMagazine) May 22, 2024
“The current U.S. regulatory environment creates uncertainty, drives business offshore, stifles innovation, and results in job and investment losses.” Said The Chamber of Digital Commerce, an American advocacy group promoting the bitcoin industry in DC: “The 21st Century FIT Act addresses these issues by creating clear guidelines for classifying, trading, and regulating digital assets and ensuring consumer protections.”
FIT 21 is expected to pass the House of Representatives in a vote today, and the Biden administration reportedly won’t threaten to veto it if passed, as it did earlier this month on another cryptocurrency-related issue. . invoiceThe bill would allow trusted financial institutions to hold custody of Bitcoin and other digital assets. If passed, FIT 21 would move to a vote in the Senate.
However, the Biden administration currently opposes passing FIT21 and has said it wants to work with Congress on the resolution. The White House says the current bill lacks necessary protections for consumers and investors participating in this growing market.
“The Administration is keen to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets. “It will help strengthen American leadership,” the White House said today.
The Biden administration has thus far taken a hostile stance towards Bitcoin and the broader cryptocurrency industry, with reports from lawmakers that Biden favors central bank digital currencies over decentralized currencies, as well as Biden’s threat to veto the aforementioned bill earlier this month.
But now Biden’s political opponent, Donald Trump, Embrace The Biden administration appears to be shifting its stance on this issue, as it invests in and receives donations from Bitcoin and cryptocurrencies.
The results of today’s FIT 21 vote in the House of Representatives can be found in Bitcoin Magazine’s X account Later today.
