White House eager to work with Congress on cryptocurrency framework bill

Today, the administration of U.S. President Joe Biden released the Administrative Policy Statement on HR 4762 – Financial Innovation and Technology Act 21 (FIT 21), a law that aims to create clear guidance for digital assets.

Just in: 🇺🇸 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 Chamber of Digital Commerce, which promotes the Bitcoin industry in D.C., said, “The current regulatory environment in the U.S. is creating uncertainty and driving business abroad, stifling innovation and causing job and investment losses.” He said. “The 21st Century FIT Act addresses these issues by ensuring consumer protection by creating clear guidelines for the classification, trading, and regulation of digital assets.”

With FIT 21 expected to pass the House of Representatives in a vote today, Biden’s administration will likely veto it if it passes, as he did earlier this month for another cryptocurrency-related bill that would allow highly trusted financial institutions to store bitcoins. It has been reported that it will not be held. and other digital assets. If passed, FIT 21 will be voted on in the Senate.

However, the Biden administration currently opposes passage of FIT 21 and has said it wants to work with Congress on a resolution. The White House said the current bill lacks the consumer and investor protections needed for those participating in the growing market.

“The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets that promotes responsible development and payments innovation and strengthens America’s leadership in the global financial system. It will help you.” The White House announced today.

The Biden administration has previously acted hostile toward Bitcoin and the broader cryptocurrency industry, such as Biden’s threat to veto the bill earlier this month, mentioned above. Currencies like Bitcoin.

But now that Biden’s political opponent, Donald Trump, has embraced Bitcoin and cryptocurrencies and is garnering donations from them, the Biden administration appears to be reversing its stance on the issue.

The results of today’s FIT 21 vote in the House of Representatives will be published later today on Bitcoin Magazine’s X account.