- The present law does not go far enough in protecting investors as per White House.
- The government has not ruled out future conversations about FIT 21, unlike other instances.
Concerned that FIT 21 does not adequately safeguard investors, the White House has opposed the bill. Despite the bill’s potential to impact future crypto market laws, this step is still being made. Additionally, the statement highlights the administration’s readiness to collaborate with Congress to improve the digital assets’ legal framework.
Officially, the US government is against the FIT 21 bill, which aims to change the regulations for digital asset markets. According to the White House, the present law does not go far enough in protecting investors and consumers in digital asset transactions.
Not Adequately Protects Investors
The government has pointed out that the present version of H. R. 4763 does not adequately protect investors and consumers. This stance suggests a broader legislative approach that might include all current financial authorities within the balanced legislation package.
The government has not ruled out future conversations about FIT 21, unlike other instances when they have threatened vetoes of other legislative efforts. This strategy demonstrates the ongoing commitment to better regulating digital assets, which in turn strengthens the US position in the global financial arena.
The FIT 21 Act has been heavily criticized by Gary Gensler, the chair of the Securities and Exchange Commission (SEC), who has pointed out that it would create new gaps in the regulation of both conventional financial markets and the cryptocurrency sector. Gensler is particularly concerned about the prospect of opening the door for companies to avoid strict supervision from the SEC by claiming decentralization.
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