White House opposes FIT21 but says it's 'eager to work with Congress' on balanced framework for digital assets

The White House opposes the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which would affect the regulatory structure for digital assets in the United States.

The Biden administration is eager to work with Congress to create a comprehensive and balanced regulatory framework for digital assets that promotes responsible development and innovation.

The White House believes that FIT21 currently lacks sufficient protections for consumers and investors and more time is needed to work on digital asset legislation.

The bill is set to be voted on in the U.S. House of Representatives later today, but it is unlikely to be brought up in the Senate this year.

https://www.theblock.co/post/296047/white-house-opposes-fit21-but-says-its-eager-to-work-with-congress-on-balanced-framework-for-digital-assets