White House Wants to Cooperate on Regulation as US House Passes Market Structure Bill
The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill aimed at regulating the digital assets market in the United States.
- The vote concluded on Wednesday with 279 in favor and 136 against, with a significant majority of House Democrats supporting the legislation.
The legislation would establish a regulatory framework for U.S. crypto markets. It includes consumer protection measures, appoints the Commodity Futures Trading Commission (CFTC) as the main regulator of digital assets and overseer of non-securities spot markets, and clarifies the criteria for determining whether a crypto token is a security or a commodity.
- The next step for the bill will be a vote in Senate.
- President Joe Biden expressed opposition to the bill in a policy statement, he did not indicate that he would veto it, as he did when Congress recently attempted to overturn a Securities and Exchange Commission (SEC) initiative to establish crypto accounting standards.
"The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system," the statement by the Executive Office of The President reads.
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White House Statement
FIT21 Bill
