Biden Does Not Threaten Veto Against House Crypto Market Structure Bill But Opposes Passage
FIT21 bill will see a vote
President Joe Biden is not threatening to veto a House bill that would create a regulatory framework for the cryptocurrency market, but he opposes its passage, the White House said Wednesday.
The bill, known as the Digital Asset Market Structure and Investor Protection Act, or FIT21, would give the Commodity Futures Trading Commission (CFTC) authority over spot cryptocurrency markets and stablecoins, and would require crypto exchanges to register with the agency.
The White House said in a statement that Biden "appreciates the hard work and bipartisan cooperation that went into the development of the FIT21 bill, but he does not support the bill in its current form." The statement said that the bill "does not fully address the risks to consumers, investors, and the broader financial system that digital assets pose." The statement did not specify what changes Biden would like to see made to the bill.
Here's the Full Text of Biden's Executive Order on Cryptocurrency
President Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies.
The order directs the Treasury Department to produce a report on the risks and benefits of cryptocurrencies within 180 days. The report will assess the potential impact of cryptocurrencies on financial stability, national security, and the environment.
The order also directs the Commerce Department to work with other agencies to develop a framework for regulating cryptocurrencies. The framework will consider the risks and benefits of cryptocurrencies and will recommend ways to protect consumers and investors.
We must support technological advances that promote
President Biden said in a statement that he believes that the United States must support technological advances that promote economic growth and innovation.
"We must ensure that these advances are safe, responsible, and protect consumers, investors, and the broader financial system," Biden said.
The executive order is a sign that the Biden administration is taking a more active approach to regulating cryptocurrencies. The order is likely to lead to new regulations that will affect the cryptocurrency industry.
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