(FixThisNation.com) – The White House has expressed that it is against a House bipartisan cryptocurrency regulation bill which will be on the floor on Wednesday.
The federal administration has expressed concerns about how the legislation did not have the necessary protection for “investors” or “consumers” who are making digital transactions. Despite expressing opposition to the bill, the administration did not outright threaten that President Joe Biden would veto the Financial Innovation and Technology for the 21st Century Act. The legislation is believed to be positive for crypto backers.
Still, the vote is particularly important as it will help provide some insight into whether this type of industry has support within Capitol Hill.
SEC Chair Gary Gensler had also criticized the bill and had claimed that it would just lead to new regulatory gaps being created. He further pointed out that this bill was going to be very risky for capital markets and investors alike and that it would undermine the previous president.
House Subcommittee on Cybersecurity, Information Technology, and Government Innovation ranking member and Democratic Virginia Rep. Gerry Connolly put out a statement before the vote arguing that they needed to set up a robust regulatory framework that would protect digital assets as well as the general public from fraud, abuse and the volatility of the crypto industry. Still, despite this Connoly argues that the bill in question fails to provide that and does not help bring any stability to this industry. He added that the compliance and securities laws included in the bill are not up to par with the global financial system U.S. high standards and leadership.
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