White House Stance on FIT21 Bill
The White House is signaling a non-veto of the FIT21 bill, despite objections from SEC Chair Gary Gensler.
White House Position on HR 4763
In a recent announcement, the White House expressed disapproval of HR 4763, also known as the Financial Innovation and Technology for the 21st Century Act (FIT21), citing concerns over consumer and investor protections.
- The administration is open to collaborating with Congress to enhance the bill.
- White House opposes the current version of the bill but seeks improved regulatory frameworks for digital assets.
Bill’s Regulatory Impact
The legislation aims to grant regulatory authority to the CFTC to oversee digital assets classified as commodities based on the decentralization level of their blockchain. A vote on the bill is scheduled for the upcoming week.
Chair Gensler’s Argument Against FIT21
SEC Chair Gensler has voiced opposition to the bill, emphasizing concerns about regulatory loopholes and the potential erosion of existing securities laws.
- Gensler highlights the importance of securities laws in ensuring investor protection and preventing fraud in the crypto sector.
- He underscores the need to prioritize public investor safeguarding over supporting non-compliant crypto entities.
Hot Take: Final Thoughts
The White House’s decision not to veto the FIT21 bill while facing pushback from SEC Chair Gensler underscores the complexity of regulating digital assets in the United States.
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