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BlockNews
Home CRYPTO

Biden Administration is Changing its Tone on Crypto Regulation

Michael Juanico by Michael Juanico
May 22, 2024
in CRYPTO, POLITICS
Reading Time: 3 mins read
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  • US President Joe Biden has announced that he will not veto the FIT21 crypto bill if it is passed by Congress.
  • The White House has expressed some opposition to the FIT21 bill, citing concerns about investor protection.
  • The Biden administration has called for Congressional collaboration on establishing a comprehensive and balanced regulatory framework for digital assets.

US President Joe Biden has announced that he will not veto the FIT21 crypto bill if it is passed. Moreover, the Biden administration released a statement calling for Congressional collaboration on a comprehensive and balanced regulatory framework for digital assets.

JUST IN: 🇺🇸 Biden administration is changing its tone on crypto regulation, and is now looking to offer a “balanced framework”

— BlockNews.com (@blocknewsdotcom) May 22, 2024

Biden Opts to Not Veto FIT21 Bill in Notable Shift

With the 2024 presidential election fast approaching, digital assets have become an important topic. Indeed, both sides of the political aisle have clearly expressed their stance on the matter. However, that has now seen some interesting shifts take place.

US President Joe Biden has stated that he will not veto the impending FIT21 crypto bill in what is certainly a shift in perspective from the commander in chief. In a statement, Biden expressed his desire to work alongside Congress to establish regulation for the asset class in the modern economy.

“The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on editing authorities,” the statement noted. Furthermore, it states that such action would prompt the responsible development of digital assets and payment innovation in the country.

However, Biden did also express his opposition to the FIT21 bill. Specifically, the White House noted trepidations regarding investor protection. Still, the approach is certainly a necessary alteration with the industry long calling for Congressional interference amid the US Securities and Exchange Commission’s (SEC) regulation by enforcement approach.

Congressional Regulation Welcomed by Industry

The White House has also published an administrative statement addressing HJ Res 109. Specifically, that legislation would abolish SEC guidance and has received resounding support as it passed through both the House and Senate. However, the Biden Administration has already threatened a veto aligning with the agency and its controversial chair Gary Gensler.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Biden administrationCrypto Regulationdigital assetsFIT21 crypto billJoe Biden
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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