Regulation
Biden Won’t Veto FIT21 Bill, Seeks Regulatory Harmony
President Joe Biden has decided not to veto the Financial Innovation and Technology for the 21st Century Act, despite opposition. This decision reflects an openness to fostering a collaborative legislative effort on the regulation of cryptocurrencies.
The administration has voiced his concerns about the bill’s lack of sufficient protections for investors engaging in digital asset transactions.
Additionally, the administration’s statement highlights the need for a balanced regulatory framework that supports the responsible development of digital assets. The bill, which will be voted on in the House later today, proposes changes to how securities issuers comply with federal laws.
Legislative responses and future directions
After the administration’s statement, SEC Chairman Gary Gensler issued a dissenting opinion, highlighting some of the risks to the regulator’s oversight of capital markets. These concerns echo the debate that continues today over the level of regulation needed for the emerging crypto market.
Statement from Gary Gensler aggressively objecting #FIT21:
“…Many players in the crypto industry are not playing by the rules. We should make the political choice to protect the investing public rather than facilitate the business models of non-compliant companies.
Time for a big bipartisan vote today. pic.twitter.com/NHJ5Px8McK
– Alexandre Grieve (@AlexanderGrieve) May 22, 2024
Additionally, the White House said it will continue to cooperate with Congress to develop legislation that provides sufficient protection for consumers and investors.
This approach suggests strategic patience, allowing more time to develop a comprehensive legislative framework for digital assets. Ongoing discussions and proposed legislative efforts indicate a period of transformation as stakeholders strive to balance innovation and investor protection.
Read also : Donald J. Trump’s presidential campaign now accepts crypto