The White House is making moves to create a clear regulatory framework for digital assets with the introduction of the Financial Innovation and Technology Act 21 (FIT 21). The bill aims to address the uncertainty in the current regulatory environment surrounding digital assets, which has led to businesses moving overseas and a loss of jobs and investment.
The Chamber of Digital Commerce, a group advocating for the Bitcoin industry in DC, supports FIT 21, stating that it will provide clear guidelines for the classification, trading, and regulation of digital assets, ultimately ensuring consumer protection.
While the Biden Administration initially opposed the passage of FIT 21, it is now expressing a willingness to work with Congress to develop a comprehensive and balanced regulatory framework for digital assets. The administration believes that the bill, in its current form, lacks the necessary consumer and investor protections.
This shift in stance comes as the Biden Administration faces pressure from the growing support for digital assets, with even political opponents like Donald Trump embracing Bitcoin and crypto. The outcome of the FIT 21 vote in the House today will be closely watched, as it could have significant implications for the future of digital asset regulation in the United States. Stay tuned for updates on Bitcoin Magazine’s X account.
