Harmony

Biden

Joe Biden

Gary

President Joe Biden has decided not to veto the Financial Innovation and Technology for the 21st Century Act, despite opposition. This decision reflects an openness to foster a collaborative legislative effort on cryptocurrency regulation.&nbsp; 
The administration has <a href="https://punchbowl.news/wp-content/uploads/FILE_5400-1.pdf" target="_blank" rel="noreferrer noopener">voiced</a> its concerns regarding the bill’s lack of sufficient protections for investors engaging in digital asset transactions. 
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 <img fetchpriority="high" decoding="async" width="796" height="1024" src="https://www.cryptotimes.io/wp-content/uploads/2024/05/GOMKotzW8AIAx_g-796x1024.jpg" alt="Biden will not veto FIT21 crypto bill" class="wp-image-178509" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/05/GOMKotzW8AIAx_g-796x1024.jpg 796w, https://www.cryptotimes.io/wp-content/uploads/2024/05/GOMKotzW8AIAx_g-622x800.jpg 622w, https://www.cryptotimes.io/wp-content/uploads/2024/05/GOMKotzW8AIAx_g-768x988.jpg 768w, https://www.cryptotimes.io/wp-content/uploads/2024/05/GOMKotzW8AIAx_g-1194x1536.jpg 1194w, https://www.cryptotimes.io/wp-content/uploads/2024/05/GOMKotzW8AIAx_g-860x1107.jpg 860w, https://www.cryptotimes.io/wp-content/uploads/2024/05/GOMKotzW8AIAx_g.jpg 1217w" sizes="(max-width: 796px) 100vw, 796px">
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Moreover, the statement from the administration emphasizes the need for a balanced regulatory framework that supports the responsible development of digital assets. The bill, set for a vote in the House later today, proposes changes to how securities issuers comply with federal laws. 
Legislative Responses and Future Directions 
After the administration’s statement, the SEC Chair, Gary Gensler, issued a dissenting opinion, pointing to some of the risks to the regulator’s oversight of capital markets. These concerns echo the discussion that is still happening today about the right amount of regulation need for the emerging crypto market. 
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 Gary Gensler statement aggressively opposing <a href="https://twitter.com/hashtag/FIT21?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#FIT21</a>: “…many players in the crypto industry don't play by the rules. We should make the policy choice to protect the investing public over facilitating business models of noncompliant firms.” Here’s to a big bipartisan vote today. <a href="https://t.co/NHJ5Px8McK" target="_blank">pic.twitter.com/NHJ5Px8McK</a>— Alexander Grieve (@AlexanderGrieve) <a href="https://twitter.com/AlexanderGrieve/status/1793229184392704208?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 22, 2024</a>
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Moreover, the White House has stated that it will pursue cooperation with Congress to design legislation that will provide sufficient protection to the consumers and investors. 
This approach suggests a strategic patience, allowing more time for developing a comprehensive legislative framework for digital assets. The ongoing discussions and proposed legislative efforts indicate a period of transformation as stakeholders strive to balance innovation with investor protection.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read:<a href="https://www.cryptotimes.io/2024/05/22/donald-j-trump-presidential-campaign-now-accepting-crypto/" target="_blank" rel="noreferrer noopener"> Donald J. Trump Presidential Campaign Now Accepting Crypto</a> 
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President Biden Won’t Veto FIT21 Bill, Seeks Regulation Harmony

The Crypto Times

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