Today, the Executive Office of United States President Joe Biden issued an Administration Policy Statement on legislation HR 4762 β the Financial Innovation and Technology Act 21 (FIT 21), which aims to create clear guidelines for digital assets.
JUST IN: πΊπΈ The White House is eager to work with Congress to develop a file "A balanced regulatory framework for digital assets." pic.twitter.com/OluzdKkqo6
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βThe current regulatory environment in the United States has created uncertainty and pushed businesses offshore, stifling innovation and leading to lost jobs and investment.β He said Chamber of Digital Commerce, an American advocacy group that promotes the Bitcoin industry in the capital. βThe 21st Century FIT Act addresses these issues by establishing clear guidelines for the classification, trading and regulation of digital assets, ensuring consumer protection.β
With FIT 21 expected to pass the House in today's vote, the Biden administration will reportedly not issue a veto threat if it passes, as it did earlier this month regarding another cryptocurrency-related bill, which would allow financial institutions Highly reliable Bitcoin custody. And other digital assets. If passed, FIT 21 would be voted on in the Senate.
However, the Biden administration said it currently opposes passage of FIT 21, and wants to work with Congress to reach a resolution. The White House says the bill in its current form lacks the necessary protections for consumers and investors to participate in this growing market.
βThe Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets…that will advance responsible development of digital assets and payment innovation and help strengthen U.S. leadership in the global financial system,β the White House said today.
Previously, the Biden administration has acted aggressively toward Bitcoin and the broader cryptocurrency industry, such as Biden threatening to veto a bill mentioned earlier this month, as well as reports from members of Congress saying Biden prefers a central bank digital currency over a decentralized currency. . Currency such as Bitcoin.
But now that Biden's political opponent, Donald Trump, is, too embracing Bitcoin, cryptocurrencies and getting donations from them, the Biden administration appears to be reversing its position on the issue.
The result of the FIT 21 vote in the House of Representatives will be published today on Bitcoin Magazine X account Later today.
