Regulation
The White House has said it will not veto cryptocurrency legislation in major industries
The Biden administration has said it opposes the bill and is eager to work with Congress in regulating the cryptocurrency industry.
The Biden administration has announced that it will not threaten to veto the cryptocurrency market structure bill passed by the U.S. House of Representatives today.
In a statement of administrative policy released todaythe Biden administration said it still remains “opposed” to passing H.R. 4763, Financial Innovation and Technology for the 21st Century Act (FIT21), citing concerns about the lack of sufficient protections for consumers and investors in the resources sector digital.
The White House said it was “eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities.”
H.R. 4763 would require the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to issue rules establishing a framework for the regulation of digital assets.
Today’s notice marks the transition from the White House statement published in May 8 in which US President Joe Biden threatened to veto the bill, which would also nullify the SEC’s ability to oversee the digital asset industry.
Last week, 11 Democrats defied the anti-crypto army of Biden and Elizabeth Warren and helped pass the bill in the Senate, giving it stronger bipartisan support than expected.
Washington DC’s moves come at a time when cryptocurrencies are becoming increasingly political and influencing its landscape. Just Tuesday, Republican presidential candidate Donald Trump She said he would start receiving cryptocurrency donations for his campaign and build an army of Bitcoin and cryptocurrencies to defeat Biden.
Judging by today’s statement, it appears that Trump’s crypto-friendly turn is putting pressure on Biden’s anti-crypto stance.