White House Eager To Work With Congress On Crypto Framework Bill

Today, the Executive Office of the United States President Joe Biden issued a Statement of Administration Policy on legislation H.R. 4762 – Financial Innovation and Technology Act 21 (FIT 21), which aims to create clear guidelines for digital assets.

JUST IN: 🇺🇸 White House is eager to work with Congress to develop a “balanced regulatory framework for digital assets.” pic.twitter.com/OluzdKkqo6

— Bitcoin Magazine (@BitcoinMagazine) May 22, 2024

“The current regulatory environment in the U.S. has created uncertainty and driven business overseas, stifling innovation and resulting in a loss of jobs and investment,” said The Chamber of Digital Commerce, an American advocacy group that promotes the Bitcoin industry in DC. “The FIT for the 21st Century Act addresses these issues by creating clear guidelines for the classification, trading and regulation of digital assets, ensuring consumer protection.”

With FIT 21 expected to pass the House in a vote today, the Biden admin will reportedly not issue a threat of a veto if passed, like it did earlier this month regarding another crypto related bill, which would allow highly trusted financial institutions to custody Bitcoin and other digital assets. If passed, FIT 21 would then be voted on in the Senate.

However, the Biden Administration said that it currently opposes the passage of FIT 21, and wants to work with Congress on a resolution. The White House says the bill in its current form lacks the necessary consumer and investor protections for those participating in this growing market.

“The administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets…which will promote the responsible development of digital assets and payment innovation and help reinforce the United States leadership in the global financial system,” The White House stated today.

Previously, the Biden Administration has acted hostile towards the Bitcoin and broader crypto industry, such as Biden’s veto threat on a bill earlier this month mentioned above, in addition to reports by Congressmen saying Biden is in favor of a central bank digital currency over a decentralized currency like Bitcoin.

But now that Biden’s political opponent, Donald Trump, is embracing Bitcoin and crypto and gaining donations from it, Biden’s Administration appears to be reversing it’s stance on the matter. 

The result of the FIT 21 voting in the House today will be posted on Bitcoin Magazine’s X account later today.